Core Viewpoint - The gold market is experiencing continued downward pressure, with key resistance levels indicating potential further declines unless a breakout occurs above recent highs [1][5]. Price Dynamics - Gold has shown a breakdown from a bear flag pattern, confirming bearish sentiment with a close below the lower boundary [2]. - A drop below Tuesday's low would signal further bearish follow-through, targeting recent swing lows and potential support zones [2]. - The next significant support level is anticipated around the 50-day moving average at $4,856, with further declines potentially reaching the 61.8% Fibonacci retracement at $3,720 if support fails [2][3]. Long-Term Support - The 50-day moving average is expected to act as a critical support level, having not been tested since reclaimed in August [3]. - Even if the 50-day average is breached, the centerline of a rising trend channel may provide additional support [3]. Channel Dynamics - The 200-day moving average has recently risen above the bottom channel line, indicating potential support at the lower end of the channel [4]. Market Outlook - A breakout above $4,006 is crucial for shifting momentum, with resistance at the 20-day average if this level is surpassed [5]. - Continued selling pressure is indicated, with the 50-day average support being a key factor in maintaining the trend, while a break could lead to a decline towards $3,720 [5].