The near-term chart shows the change in prospects for gold as price now falls below the 100-hour moving average (red line). That indicates that the near-term bias is now more neutral as sellers wrestle back some control:
Gold (XAU/USD) daily chart
The fall comes after gold tested the highs from June and July around the region of $1,983-87 on the daily chart. And with a lack of significant escalation in the Israel-Hamas conflict since the weekend, we are perhaps starting to see safety bets come off the boil even more this week.
If gold keeps with losses today, it will be the first back-to-back daily decline for the precious metal since the start of October.
That could be a turning point for sellers to try and gather more momentum for a downside push in the sessions ahead. The next key test will be the 200-hour moving average (blue line) first around $1,935.24 currently before moving on to the 100 and 200-day moving averages around $1,922-31 next.