Central Bank Demand

Gold’s decline from its final top has matched the 17.5 percent slide seen before the major 2013 breakdown, reinforcing a cautious technical outlook. Chart watchers are now focused on whether the metal moves toward about $3,500 before any larger rebound attempt.

Spot gold turned lower after an early Wednesday advance failed beneath a key retracement zone. Traders are watching the dollar, Treasury yields and the 50-day moving average for the next directional signal.

Gold and silver remained supported as central-bank accumulation, constrained primary supply and resilient investor demand kept the broader metals backdrop constructive. Gold pushed through a key downward trendline near $4,091 to trade at $4,175, while silver held around $60.05 as buyers defended the 50 EMA.