Technical Talk: Gold approaches near 200 day moving average, falters 36% from record high

COMEX Gold futures have witnessed a massive bout of selling today as a slide under the key $5000 per ounce extended. The counter tested lowest in around four-months and neared $4100 per ounce mark, bringing down the metal by around 36% from its record high. Gold has lost around 19% this month. However, a critical support level is emerging now in the form of 200 day moving average. This threshold is currently placed at $4092 mark and has capped downside for Gold in a similar correction in late 2023-early 2024.

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