Spot gold kept falling in early morning trading today and once touched the key support level of $4300 mentioned in our previous analysis. Gold is trading below the 50-day exponential moving average (EMA50), which acts as dynamic resistance and continues to weigh on prices, raising the likelihood that the short-term downward correction will extend.

Currently, the spot gold market is moving along a downtrend line, and the stochastic oscillator on the daily chart has declined again. This indicates weak buying momentum, making it hard for gold to resume its uptrend. Short-term downward pressure remains intact.

Expected support: $4300.00, resistance: $4400.00

Trading strategy: Mildly bullish

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