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Gold is struggling to gain momentum on Tuesday, trading within a narrow range during the European session.
From a technical perspective, last week's consolidation below the 200-day Simple Moving Average (SMA) reinforced bearish sentiment. However, the subsequent decline lost momentum near the support of the downward channel around the $4,260 level. Therefore, a decisive break below this zone is needed to confirm further downward potential.
The Relative Strength Index (RSI) remains near the 33 mark, staying in negative territory without reaching oversold conditions, although it is approaching that threshold. The MACD indicator also remains in negative territory with limited momentum, suggesting that sellers retain the advantage, but without signs of an aggressive continuation of the move.
Against this backdrop, any corrective recovery is likely to face initial resistance at $4,350, followed by resistance near the 200-day Exponential Moving Average (EMA), then at the psychological level of $4,400, and the 200-day SMA at $4,435.
A break above this level is required for bulls to ease the current downward pressure, after which the next target would be the 20-day SMA near the psychological level of $4,500.
This level remains a significant barrier, limiting upward potential within the prevailing bearish structure.
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