Gold Price Falls Back Below Key Support Zone

The gold price has retreated to the low 4,110s after failing to hold its new-week advance toward 4,146. December gold futures have returned below intraday VWAP and are near the important support zone of 4,102-4,111.

Sellers currently have a short-term advantage below 4,128, but bulls remain in the game as long as 4,100 holds. The market's mildly bearish bias suggests that buyers repeatedly failed around 4,124-4,127.

Despite this, gold remains above the psychologically important 4,100 round number, and recent buying pressure shows that sellers do not yet have uncontested control. Traders should be cautious about blindly chasing fresh shorts near defended support.

The 4,100 round number is critical because it contains several overlapping support references, making it the most important immediate decision zone. The bullish scenario would become stronger above 4,128 and particularly if gold reclaims resistance in that area.