Gold prices edged lower on Thursday, testing key support near $3,311 and the 50-day moving average (MA), following an outside-day bearish reversal. Despite the dip, the metal closed above the 50-day MA, hinting that underlying bullish strength remains—at least for now.
Technical Outlook: Compressed Range Signals Imminent Move
Key Levels to Watch:
Momentum & Volatility Outlook:
Gold has struggled with momentum since peaking at $3,451 on June 2. Still, the convergence of the 20-day and 50-day MAs—now at their narrowest spread since January—suggests a potential volatility spike is imminent.
If support holds, it could mirror early June’s bullish bounce, which saw gold rally sharply over three days. However, a failure at $3,301 could accelerate bearish pressure.
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