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XAUUSD: Gold Faces Heavy Selling Pressure as $3,900 Breaks
Gold is under significant pressure, trading around $3,875 after falling to its lowest level in more than a year. The recent sell-off shows that even safe-haven demand is struggling against rising interest-rate expectations and forced market liquidations.
The biggest pressure comes from the Federal Reserve's hawkish stance, stronger US economic growth and persistent inflation. Q3 GDP grew 3.4%, while core PCE inflation reached 3.1%, strengthening expectations of tighter monetary policy. The technology-stock sell-off also triggered liquidity-driven selling across precious metals.
Technically, $3,870 is the immediate support to watch. A breakdown could expose $3,850 and potentially lower levels. On the upside, reclaiming $3,900 would be the first recovery signal, while $4,000 remains a major resistance.
My short-term outlook remains bearish until buyers regain control. However, the sharp correction could eventually attract long-term buyers, especially if central-bank demand remains strong. I would avoid catching the falling knife and wait for confirmation before considering a fresh long position.
$XAU