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Gold is losing its appeal today. The drop in prices last week below the 100-SMA on the 4-day chart, the failure to overcome it this week, as well as the decline below the 200-SMA, can be seen as bearish triggers. Therefore, any upward movement will be limited by these moving averages, especially since they have already crossed. And since prices failed to hold support around 3330.50 dollars, a decline toward the round level of 3300.00 dollars looks quite likely.
Nevertheless, the 3315 level, just before the round 3300.00 level, may provide immediate support. Acceptance of prices below this level would make the XAU/USD pair vulnerable to an accelerated fall toward the 3280–3282 level, before gold reaches the late June low around 3268. A convincing break below this level would be viewed as a new bearish signal.
On the other hand, if the precious metal manages to return to the moving averages and break above them, then the 3358 level will become the next resistance, followed by 3375, on the way to the round level of 3400.
But since oscillators on this chart remain negative, the path of least resistance for gold is downward.
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