Renée Friedman notes that gold prices have reached a decisive moment after being rejected at the 200-day moving average.
Gold prices reached a critical technical turning point on Wednesday as the precious metal closed at $4,363 an ounce, falling just below the key 200-day moving average of $4,484. This rejection marks a significant moment for investors monitoring the long-term trend of the asset. While gold has rallied 6.3% over the past month, it remains approximately 22% below its all-time high of $5,602 set in January 2026. Renée Friedman, the global head of research at Exante, stated that the recent rebound was driven by fading expectations of further Federal Reserve tightening following weaker labor market data. She noted that central banks are diversifying reserves away from U.S. Treasuries, which supports long-term demand. Additionally, geopolitical uncertainty and sanctions risks continue to reinforce gold's status as a safe-haven asset. Analysts suggest that a break above the 200-day moving average would be a positive signal for a potential climb back toward record highs.