Gold Price Tumbles: Support at $4311 Faces Crucial Test

The price of gold is currently testing its critical support level at $4,311 after experiencing a sharp decline.

A breakdown below this level would indicate a reversal in the recent advance and failure of support at the trendline, increasing the likelihood of a test of the prior lower swing high and the top of a consolidation bottom range at $4,203, along with the 50-day moving average near $4,216.

If gold can hold above this support level and strengthen, it may set its sights on the next higher target zone near $4,774. However, given the decisive three-day decline in gold, support looks likely to be tested further before there are signs of buyers.