The spot gold market has continued to fall recently and broken below the $4400 support level, remaining under pressure overall. In the short term, a downward corrective wave dominates the market. Gold prices are moving along the downtrend line and staying below the 50-period Exponential Moving Average (EMA50). This dynamic resistance formed by the moving average further suppresses price action, making a full rebound and recovery difficult for gold in the near term.

On the other hand, the Stochastic Oscillator has previously generated a bullish crossover signal and moved higher after entering a deeply oversold zone. However, against the overall bearish technical backdrop, this signal is expected to deliver some upward momentum for gold prices, driving the market to bottom and consolidate before selecting its next directional move.

Expected support level at $4350.00 and resistance level at $4450.00

Trading strategy: Mildly bullish

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