Eos Energy stock falls after Fuzzy Panda issues short report
Gold (XAU/USD) closed at $3,988.42, after an intraday high of $4,019.71 and a low of $3,973.90. The metal has extended its pullback from record highs near $4,300, as profit-taking and a firmer US dollar weigh on prices. However, the broader trend remains bullish while prices hold above key support zones.
Key Technical Observations
Short-Term Trend Correction: The 15-day moving average ($4,124.81) and 20-day moving average ($4,071.31) remain positively sloped, but the price has slipped below both averages, signalling a short-term loss of momentum. This marks the first decisive close under the 20-day SMA in weeks, suggesting a potential consolidation or retracement phase following the strong multi-month rally.
Trend Structure: The broader uptrend remains intact — higher highs and higher lows are still visible from the $3,200 base — but the current move represents a corrective leg within that uptrend. Immediate support lies near $3,950–$3,900, which coincides with the prior breakout region and aligns with the 38.2% Fibonacci retracement of the latest rally.
RSI Momentum: The RSI stands at 49.82, now hovering near the neutral 50 line after dropping sharply from overbought territory. This indicates that momentum has cooled significantly, with neither buyers nor sellers in clear control. However, the RSI reset could offer room for a fresh bullish leg once consolidation stabilizes.
Price Behaviour: The recent pullback has been orderly, characterized by smaller-bodied candles — suggesting profit-taking rather than panic selling. A daily close back above $4,050–$4,100 would be the first sign that buyers are regaining initiative.
Macro & Market Context
Dollar Strength & Yield Impact: The rebound in the US Dollar Index (DXY) and stable U.S. Treasury yields have weighed on gold, which tends to soften when real yields rise.
Fed Policy Outlook: Markets continue to weigh the timing of future Fed rate cuts. A “higher-for-longer” stance on interest rates could extend the current corrective phase, while renewed dovish commentary would quickly reignite buying interest.
Safe-Haven Demand: Despite the pullback, gold remains underpinned by geopolitical risk, central-bank accumulation, and ongoing global inflation concerns, which continue to anchor the long-term bullish narrative.
Key Levels to Watch
- Immediate Resistance: $4,050 – 20-day moving average; short-term pivot zone.
- Next Resistance: $4,150 – recent swing high; followed by $4,300 all-time high.
- Immediate Support: $3,950 – prior breakout base.
- Deeper Support: $3,850 – key technical floor and psychological level.
Bias: Neutral-to-Bullish (Corrective Phase)
Gold is in a short-term correction within a long-term uptrend. The bias turns strongly bullish again on a sustained move above $4,100. However, if price closes below $3,850, it would open the door for a deeper retracement toward $3,750.