Gold Struggles as Dollar Rally Intensifies Amid Cheaper Oil

The price of gold is under pressure due to the recent dollar rally, despite cheaper oil prices. According to the daily swing chart, the main trend is down for spot gold (XAU/USD), and it would take a trade through $4,399.67 to change this trend.

Gold reached $4,369.56 early Wednesday but failed to test the retracement zone of $4,384.59 to $4,405.59, leaving sellers in control below that area.

The market is currently testing the short-term 50% level at $4,319.60, which sits just above the 50-day moving average of $4,307.01. A sustained move through this level could trigger a break into the support cluster near $4,235.17.