Gold buyers had their shot. Monday’s rebound stalled ahead of the familiar swing level near $4,226.81, and today the price has moved back below both its 100-hour and 200-hour moving averages. The focus has shifted from breaking resistance to defending support.The fall has taken gold to $4073.49. The current price is at $4092, down around $68.83, or 1.65%. Last week’s low at $4,066.21 is now within reach. That is the next test for sellers, and a level where buyers can try to stall the decline with risk defined against it.Buyers could not get through the swing ceilingThe $4,226.81 area has been a recurring decision level on the supplied chart, with reactions going back to June (see red numbered circles). More recently, it has acted as resistance on October 2 and again this week on Tuesday (Oct 12).Monday’s rally fell short of that ceiling. Buyers could not get above and stay above. That failure kept the recovery within the broader decline from the late-August high.Today’s break below the hourly moving averages added to the bearish development. At the chart snapshot, those levels are:200-hour moving average: $4,153.42100-hour moving average: $4,163.43The price is below both. That keeps the short-term bias in the sellers’ favor. Buyers need to get back above that area and stay above to show they are taking more control.Last week’s low is the next downside testThe immediate downside target is $4,066.21. A target is also a decision area. Sellers may take some profit there, while buyers may look to stop the decline.Holding that low would give buyers a foothold. They would still need to reclaim the hourly moving averages to improve the technical picture.If sellers push below $4,066.21 and stay below, the next support areas come into focus:$4,000 to $4,018.79: The upper highlighted swing-support zone, including the natural $4,000 level.$3,942.71 to $3,959.37: The lower highlighted swing-support zone.Those are conditional targets if support gives way. The reaction at each area will provide the next clue.What would improve the outlook for buyers?The first step is to stop the decline. The next is to reclaim $4,153.42 to $4,163.43, the area defined by the two hourly moving averages.A sustained move above both would weaken the immediate bearish bias and put the $4,226.81 swing ceiling back in play. Beyond that, the 100-day moving average near $4,256.20 is another recovery hurdle.Until those steps occur, a bounce remains a recovery within a bearish setup.Trading education: Yesterday’s support can fail todayThe hourly moving averages helped buyers defend the price yesterday. Today, the price is below them. That change matters.A technical level gives traders a place to judge the price action and define risk. It does not guarantee that support will hold on the next test. When price moves below support, traders need to recognize the change and adjust their bias.The same lesson applies to $4,066.21. A bounce would show that buyers are defending the low. A sustained break below would give sellers more control.For now, sellers retain the bias below the hourly moving averages. Buyers need to hold support, then get back above and stay above those moving averages to improve the outlook. This article was written by Greg Michalowski at investinglive.com.