From a technical perspective, Friday’s failure near the 50-day Simple Moving Average (SMA) support breakpoint, now turned resistance, favors bearish traders. That said, the lack of any follow-through selling, along with neutral oscillators on the daily chart, warrants some caution before positioning for any further depreciating move. 

Meanwhile, the 50-day SMA, currently pegged around the $2,338-2,340 region, might continue to act as an immediate hurdle and a key pivotal point. A sustained strength beyond has the potential to lift the Gold price back towards the $2,360-2,365 supply zone, which if cleared, should allow bulls to reclaim the $2,400 round-figure mark. The momentum could extend further towards challenging the all-time peak, around the $2,450 area touched in May.