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Gold reached fresh lows after a persistent decline took out key support levels.
James Stanley, Senior Strategist at DailyFX, identified $4021 as his next lower price target, adding that the $4,000 zone was a major area back in June and July.
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Stanley previously noted that gold rebounded from support, with attention centered on the $4,200 level and potential for a move to $4,235 for the weekly close in June here. He also observed ongoing consolidation, with sellers apparent around $4,200 and a break above $4,235 needed to trigger further movement here. These developments set the backdrop for gold’s recent slide through key support.