From a technical perspective, traders need to wait for a sustained break and acceptance below the $2,300 mark before placing fresh bearish bets around the Gold price. Hence, it will be prudent to wait for some follow-through selling below the $2,285 horizontal support before positioning for any further losses. The commodity might then accelerate the fall towards the next relevant support near the $2,254-2,253 region. The downward trajectory could extend further towards the $2,225-2,220 area en route to the $2,200 round figure.
On the flip side, the 50-day Simple Moving Average (SMA) support breakpoint, currently pegged near the $2,344-2,345 region, is likely to act as an immediate strong barrier. This is followed by the $2,360-2,362 supply zone, which if cleared decisively might prompt some short-covering rally and lift the Gold price to the $2,387-2,388 intermediate hurdle en route to the $2,400 mark. A sustained strength beyond the latter will negate any near-term negative bias and allow the XAU/USD to challenge the all-time peak, around the $2,450 region touched in May
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