Over the past 24 hours, gold has declined by 3.5% and is trading at around $4,491 per ounce. On a weekly basis, losses have reached 11%, which, according to TradingView, marks the worst performance since 1983.
The trigger was the escalation in the Middle East following US and Israeli strikes on Iran. In the initial reaction, gold moved higher, but then lost nearly 15% of its value. Broad uncertainty is also weighing on equity and crypto markets.
An additional factor is the situation in the oil market. Tensions around the Strait of Hormuz are raising fears of a prolonged energy crisis. The political backdrop also remains unclear: despite Donald Trump’s statements about a possible reduction in military activity, reports indicate that additional troops are being deployed.
Pressure is spreading to tokenized gold
The decline has affected not only physical gold, but also the crypto asset PAX Gold (PAXG), which tracks its price.
Over the last 12–24 hours, PAXG has traded in a range between $4,497.35 and $4,619.77. The current price stands at around $4,507.07, slightly below the previous close (–$2.69). Market capitalization is approximately $2.27 billion.
Technically, the asset looks weak:
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the price remains significantly below EMA-20 ($4,655.70)
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a structure of lower highs is forming
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the short-term bearish trend remains in place
Key levels
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support: $4,497.35 and $4,398.13
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resistance: $4,531.76 and EMA-20 ($4,655.70)
The market is in a phase of tense consolidation
The RSI (14) stands at 37.24, pointing to moderate oversold conditions without reaching extreme levels. The histogram suggests that selling pressure is easing, which opens the door to short-term stabilization.
Bollinger Bands have widened to around ~$534, signaling elevated volatility. Overall, the market remains in a phase of tense consolidation, with the risk of sharp moves in either direction.
PAXG outlook
The short-term outlook remains neutral to bearish.
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if the price consolidates above $4,655.70, a move toward ~$5,200 becomes possible
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if $4,497.35 breaks, the decline could accelerate toward $4,100
In the current environment, risk management and trading around key levels remain essential.
