Gold Fails at $4,484 200-Day Average as 6.3% Monthly Rally Loses Momentum
Updated
Updated · Yahoo Finance · Aug 13
Gold Fails at $4,484 200-Day Average as 6.3% Monthly Rally Loses Momentum
3 articles · Updated · Yahoo Finance · Aug 13
Summary
$4,363 an ounce was gold's Wednesday close after the metal was rejected at its closely watched 200-day moving average near $4,484.
The failed breakout matters because trading above the 200-day average is widely seen as confirming a long-term uptrend, while rejection can signal rising selling pressure and more cautious institutional positioning.
A 6.3% gain over the past month has been fueled by weaker U.S. labor data that softened expectations for further Fed tightening, alongside central-bank diversification and safe-haven demand tied to geopolitical risk.
Gold still sits about 22% below its Jan. 28 record of $5,602 after a nearly 30% slide into June 30, leaving a sustained move above the 200-day average as a key test for any run back toward highs.