Gold is finding itself in a rather troubling spot to kick start the new week as we see price continue to test a potential break below the $4,000 mark. Looking at the chart, this will be a rather important test for buyers if they are to try and hold on to some semblance of hope for a rebound in ending October trading.Despite ongoing geopolitical uncertainty and the recent retreat in Treasury yields, gold has struggled to find much upside traction lately. The rebound in August and September has faded completely and we're now seeing a pattern of lower highs, lower lows develop as sellers gradually regain the upper hand.The $4,000 level is still holding for now, with price hovering around $4,007. So, I wouldn't go as far as calling this a confirmed technical breakdown just yet. However, repeated tests of a major support level such as this one without a convincing rebound would not exactly be encouraging either.The swing lows around $3,942-60 will provide some additional layer of defense to the $4,000 mark for now. However, a firm break below the figure level and especially a convincing daily close below that could be enough to trigger further downside momentum in the precious metal.And that could pave the way for a deeper correction towards the 100-week moving average, seen currently around $3,870. That is a particularly important technical level in my view as gold has not tested its 100-week moving average since October 2023. Besides that, the key level also sits near the October to November 2025 lows. As such, that makes the region a potentially significant area for buyers to regroup should selling pressure intensify.For now though, the immediate challenge for gold buyers is to keep price above $4,000 and build a more convincing recovery. The first upside hurdle is getting back above the 100-hour and 200-hour moving averages, seen at $4,076 and $4,114 respectively. After which, getting back above $4,117 and the much difficult $4,200 level would offer some encouragement that the downside momentum is beginning to ease. But until then, I would argue that the balance of risks remains tilted to the downside for gold.The only bright spot for buyers now is that this is a chart that has not actually broken down yet. The $4,000 mark is where the real test lies in identifying between that and perhaps a market that is vulnerable but still has the potential to recover. It's all down to whether buyers can hold the figure level as such. This article was written by Justin Low at investinglive.com.