Gold closed Friday down nearly 1%, dropping below its 50-day simple moving average ($3,341), a significant technical shift that signals a short-term bearish trend. The breach ended gold’s recent support level and puts downside targets near $3,310, $3,282, and $3,244 in focus.
A rebound in the U.S. Dollar Index, driven by strong labor data, coupled with renewed risk appetite from progress in U.S.-EU and U.S.-Japan trade negotiations, is pressuring gold. With the Fed meeting ahead, the absence of dovish signals could keep gold sellers dominant, despite the longer-term bullish outlook supported by the 200-day SMA near $2,991.


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