Gold Bears Target 4,100 as Selling Pressure Builds

Gold is extending its decline within a descending channel, tracking a pullback from August highs and slipping below both the short-term uptrend line and the $4,200 area. Analysts say the move increases the risk of a deeper retracement of the August rally, while trading under key moving averages keeps the near-term outlook bearish. Momentum indicators are also weakening: MACD and RSI readings point to downside pressure. In the base bearish path, weakness from around $4,165 could reach the long-term ascending trendline near $4,100. If that breaks, targets shift toward $4,000 and the June low around $3,940. A recovery above the 61.8% Fibonacci level near $4,230 could limit the selloff.