Spot gold fell by 6% to $4,214.89 per ounce, marking its lowest level since December 11th. According to technical analysis cited in a report, the significant weekly decline in gold and its breach of a key support level suggest the potential for further price weakness. A senior technical strategist noted that last week, the commodity recorded its largest single-week drop since 1983. Furthermore, today's price action saw gold fall below the support range of $4,381 to $4,403 per ounce. The strategist added that the weekly MACD indicator has moved deep into negative territory, with the next weekly support level identified at $4,004 per ounce.