<div id="readability-page-1">Gold is under heavy selling pressure, falling $143, or 3.2%, to $4,333. The sharp decline has pushed the price below its 200-hour moving average for the first time since October 2023, a development that shifts the near-term technical bias more firmly in favor of the sellers.The move lower also broke below the 50% retracement of the rally from the May 15 consolidation low at $4,359.86. While it is important to note that the 200-hour moving average has steadily risen along with gold's longer-term uptrend—sitting near $1,900 back in October 2023—the significance lies in the fact that the level had consistently acted as support during recent pullbacks. Most notably, buyers leaned against the moving average on March 25 and again on May 27 before launching fresh advances.Gold reached a record high of $5,598.75 on January 28. Since then, the metal has declined 22.95%, highlighting the extent of the current correction. Despite today's weakness, the March low at $4,067 remains an important downside target and a key barometer for sellers. Traders will also be watching the 61.8% retracement of the advance from the May 15 low, which represents another significant support level and could become the next battleground between buyers and sellers.With both the 200-hour moving average and the 50% retracement level now broken, sellers have seized near-term control. It would take a move back above those levels to ease the downside pressure and improve the technical outlook.</div>

09824

Gold prices dropped 3.2% to $4,333, falling below key technical supports including the 200-hour moving average and the 50% retracement level. This decline, driven by a rising US dollar and higher yields, marks a shift in near-term bias toward sellers. Although gold remains down 22.95% from its January record high, traders are monitoring the March low of $4,067 and the 61.8% retracement level as critical support zones.

Gold is sinking with the US dollar rising and yields moving higher