Gold Tests EMA200 Support — US$3,987 Is the Next Line of Defense

One-line summary: Spot gold currently trades at US$4,325.54 (-0.56% on the day), having touched an intraday high of US$4,364.08 before pulling back to a low of US$4,310.81. Price is now testing support at the 200-day EMA (EMA200, around US$4,289.93-4,295); a break below this level would put the next key support in focus near the June-August range floor at US$3,987.

Market Overview

Gold's latest rally hit a local high in mid-August before pulling back, and is now retesting its 200-day moving average. The EMA200 is more than just a technical indicator — it has repeatedly acted as a battleground between buyers and sellers after gold's pullbacks from highs over the past year. Chart history shows price has both found support and met resistance around this average multiple times this year. Whether it holds this time will determine whether gold extends its stronger structure or reopens downside room.

Support & Resistance

• Resistance: US$4,364 (8/13 intraday high); a reclaim opens the next target at US$4,400

• Support 1 (currently being tested): US$4,290 - 4,295, the EMA200, today's dividing line between bulls and bears

• Support 2 (if EMA200 breaks): near US$3,987, the floor of the June-August trading range — a cost-dense zone and the next effective defense level

Today's/Upcoming Focus

Whether gold holds the EMA200 (US$4,290-4,295); if it breaks, whether buyers step in near the US$3,987 range floor; the US Dollar Index and 10-year Treasury yield remain background variables for gold's near-term direction, though this piece focuses on the technical structure itself.