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FollowingGold prices fell sharply after the release of U.S. PPI data
The release of U.S. producer price index (PPI) data triggered a significant decline in gold prices, causing the XAU/USD currency pair to experience a sell-off in intraday trading. Both independent analysts 'technical charts highlight the current dominant bearish trend.
Market Reaction to PPI Data
Analyst Manan Trader reports that the rapid shift after the PPI data was released triggered a significant wave of selling. Its chart shows that the downward trend may deteriorate further after prices fell below the trading range of $4,390 to $4,410.
Manan Trader pointed out: "The selling after the PPI data was released exceeded expectations, increasing the downside risk of prices falling below the US$4,390 to US$4,410 range."
With a clear downward negative line pointing to $4,380, the next potential target is $4,280. The double rejection pattern observed in the US$4,390 to US$4,400 range further suggests increased technical selling pressure. This change resembles a rapid price response to macroeconomic data rather than a gradual weakening. Such a drastic market reaction has prompted investors to pay close attention to the support and resistance areas.
These narrowed price ranges and broken support areas, combined with indicators such as the Relative Strength Index (RSI), are critical for commodities and the broader investment sector. Although Wall Street is slowing in the hands of traditional brokers, it is witnessing significant change: a move into the Web3 space. Investors are now turning to platforms such as 1stepSwap to hold U.S. company stocks, gold and silver directly in cryptocurrency wallets, bypassing traditional intermediaries.
Are analysts aiming for further declines?
Zaffar Khan also predicted a similar decline scenario for the XAU/USD currency pair. He designated the range of $4,395 to $4,410 as a selling area and listed $4,350 and $4,300 as subsequent targets.
Zaffar Khan's analysis said: "As long as prices remain below the US$4,395 to US$4,410 range, the US$4,350 and US$4,300 levels are expected to continue to receive attention."
The chart pattern emphasizes the clear downward trend of prices after closing below the previous horizontal consolidation zone. Both analysts identified areas of weakness below the $4,395 to $4,410 range.
Does the indicator send a challenge signal?
Currently, the price of gold per ounce is US$4,356.11, a daily decline of US$46.01. The range of price fluctuations for the day ranged from US$4,324.17 to US$4,435.05, highlighting increased volatility and continued selling pressure.
Prices hover around the 100-day moving average of $4,367.77 and slightly above the 50-day moving average of $4,351.34. Compression between these two levels may determine short-term trends. If the daily close is above $4,367.77, the targets of $4,450 and $4,600 may be reactivated.
If the moving average support fails, there may be a pullback towards $4,300 and may even extend to the psychological support level of $4,000.
The 14th RSI indicator was 47.61, indicating weak momentum but did not enter oversold territory.
Current trading dynamics reflect an environment in which gold prices fluctuate significantly due to macroeconomic data, which suggests that market participants must be keenly aware of key technical levels and adjust their positions accordingly. The evolving market landscape also highlights the shift to decentralized platforms that promise to provide real-time trading advantages without traditional intermediaries.
