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From a technical standpoint, gold on the 4-hour chart has established acceptance below the 100-period Simple Moving Average (SMA), signaling a potential continuation of the decline.
Moreover, oscillators on the same chart are negative, though oversold. This suggests a possible intraday pullback. Selling pressure below the $3325 support level would confirm the prospects of further depreciation in the yellow metal, dragging prices below the $3300 level.
On the other hand, a meaningful recovery above the 100-period SMA on the 4-hour chart — and further beyond the $3368–3370 resistance level — could attract new sellers but is likely to remain capped by the key psychological level of $3400. This level will serve as a major pivot point. A successful breakout above it would open the path toward the nearly two-month high reached last Monday. Further upward movement could then challenge the all-time high near the psychological level of $3500, especially given that daily chart oscillators are currently mixed.
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