The price action in gold lately has been one that has been hovering just under the $2,400 mark mostly. Buyers tried for a firm break of the key level but ultimately failed to hold a daily close above that. The mood music was also helped by recent geopolitical tensions between Israel and Iran. But as those fears ebb a little now, we're seeing gold slip back. But has that changed the recent momentum?

Gold (XAU/USD) hourly chart

Well, if you go by the hourly chart, it might be suggestive of a change in fortunes. That at least in the near-term for gold price action. During the run higher this month, price was largely defended by the key hourly moving averages. If not at the 100-hour moving average (red line), then at least at the 200-hour moving average (blue line).

That helped to keep buyers poised but now we're seeing those key near-term levels falter in trading today.

Price is now down to $2,360 and trading below both key levels, suggesting that the near-term bias has shifted to being more bearish instead. I'd still put some emphasis on the minor support around $2,320-25 but if that gives way, we could be looking at a quick retracement to $2,200 for gold next.

The structural view still dictates that there is plenty of upside potential for gold though. I mean, this run higher comes despite markets having significantly pulled back on rate cut bets. So, if that starts to come back in again, there's certainly fuel to add to the fire for gold in the big picture.

But just as how equities have retraced slightly after the bustling gains since last November, gold might be overdue that as well at some point.