Gold Rejects Key Moving Averages: Is a Deeper Correction? $XAUt has successfully broken below the Support Lines and recently tested the 100 SMA on the daily chart and the 21 SMA on the weekly chart. Price failed to break above these key moving averages and has started declining with strong bearish momentum. From an Elliott Wave perspective, gold appears to have completed its Primary Wave 5, suggesting that a broader corrective phase to the downside may now be beginning. The rejection from the moving averages combined with the breakdown of the Support Lines further supports the bearish scenario. I expect gold to decline at least toward $4,341. If bearish momentum increases, the correction could extend toward $4,320 and $4,299. 🎯 First Target: $4,341 🎯 Second Target: $4,320 🎯 Third Target: $4,299 🛑 Stop Loss: $4,410 (Worst case) Key level to watch: $4,342 Full chart with detailed levels and analysis here 👇 https://www.tradingview.com/chart/XAUUSD/TUAGyfYa-Gold-Rejects-Key-Moving-Averages-Is-a-Deeper-Correction/ Which level do you think gold will reach first? 🔴 $4,299 🟢 $4,410