Gold Under Pressure as Key Support Comes Into Focus

In today’s technical outlook, gold remains under notable bearish pressure after last week’s sharp mid-week reversal. The strong rebound seen in the first half of the previous week has fully faded, and buyers currently look overwhelmed. The most concerning factor for the bullish camp is the inability to hold above the orange horizontal support — a clear sign that demand is weakening, not strengthening.

The last technical element still keeping the bullish narrative alive is the blue uptrend line, which has been guiding the price higher since the beginning of September. This line is now being tested, and a decisive break below it would open the door to a renewed and potentially deeper bearish correction. Momentum is clearly favouring sellers, and unless buyers show strong defence here, the downside scenario will dominate.

A proper recovery signal would only emerge if the price manages to climb back above the yellow resistance, reclaiming lost ground and showing genuine demand. At this moment, however, such a scenario appears less likely. For now, gold stays under pressure, and the market’s full attention should remain on the blue support — the final line separating consolidation from a fresh leg lower.

Source: https://www.axiory.com/analytics/technical-analysis/gold-under-pressure-as-key-support-comes-into-focu