Gold (XAU/USD) is struggling to build on its modest rebound after hitting its lowest level since March 30 earlier on Monday.

From a technical perspective, the unsuccessful attempt to overcome resistance near the 100-day simple moving average (SMA) last week has strengthened bearish sentiment. A sustained move below the psychological $4,500 level would signal a strengthening downward trend. Additional confirmation of weakening buying interest comes from the Relative Strength Index (RSI), which remains near the 40 mark, and from the negative momentum of the MACD indicator.

The focus remains on the support zone, with the key reference point being the 200-day SMA at $4,352.59. A sustained break below this level could open the door to a deeper correction in the coming sessions. Resistance on the upside is located near the 100-day SMA at $4,790.55, and in order to ease selling pressure, bulls need to establish a foothold above this level.