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On Monday, gold (XAU/USD) is attempting to break above the round level of $4,200 and, based on current dynamics, is ending a three-day losing streak after reaching a more than one-week low the previous day.
From a technical perspective, unsuccessful attempts to hold above the level where the 200-day exponential moving average (EMA) is located—previously acting as support and now turned into resistance—together with subsequent declines, strengthen sellers' positions in XAU/USD. The Relative Strength Index (RSI) is in negative territory near 30, reflecting limited buying interest. Meanwhile, the MACD indicator also remains in negative territory with a moderately negative histogram, signaling a continuing although weakening downward momentum.
The nearest key resistance level is the 200-day EMA around $4,368. A break above this level is required to ease current bearish pressure. Until this level is firmly held on a daily closing basis, any upward movements are likely to be considered corrective within a broader downward consolidation, while momentum indicators still allow for the possibility of a retest of lower levels.
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