Key Highlights
- Gold started a fresh increase above the $4,500 zone.
- A major bearish trend line is forming with resistance at $4,735 on the 4-hour chart.
- WTI Crude Oil trimmed gains and traded below the $105 pivot level.
- Bitcoin regained traction and climbed above $71,500.
Gold Price Technical Analysis
Gold reclaimed the $4,250 pivot level and started a fresh increase against the US Dollar. The price cleared the $4,400 and $4,500 resistance levels.
The 4-hour chart of XAU/USD indicates that the price even surpassed the $4,500 resistance zone. Finally, the bears appeared near the $4,800 zone and the 100 Simple Moving Average (red, 4 hours). There is also a major bearish trend line forming with resistance at $4,735.
If there is another decline, Gold might find bids near the $4,430 level. The first major support sits at $4,365 or the 61.8% Fib retracement level of the upward move from the $4,098 swing low to the $4,800 high.
The next support could be $4,320, below which the price might slide to $4,265. The main support sits at $4,120. Any more losses might call for a test of $4,020 or even $4,000 in the coming days.
On the upside, immediate resistance is $4,750 and the trend line. The next major resistance sits near $4,800. The main resistance could be near the trend line at $4,900 and the 200 Simple Moving Average (green, 4 hours).
A clear move above $4,900 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $5,000 or even $5,200.
Looking at WTI Crude Oil, the price failed to extend gains above $115 and started a fresh decline below the $105 support.
Economic Releases to Watch Today
- Fed’s Daly speech.
- FOMC Minutes.