JP Morgan Research discusses Gold technical analysis.

"Gold has fallen to challenge the upper end of the 4200-4400 support zone we've believed would define the lower end of the 1H26 trading range. This zone includes the 200-day moving average. We are looking for the market to base in that area, and we continue to believe the multi-month range marks consolidation within a longer-term bull trend, as opposed to the formation of a longer term bearish trend reversal," JPM notes.

"If our view is incorrect and the market breaks below that and other support close to 4000, it would mark a major game changer for the longer-term trend, which again form a bottom pattern in that support zone...," JPM adds.