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Aayush Jindal

Key Highlights

  • Gold extended its rally and traded to a new record high above $4,380 before correcting lower.
  • It traded below a key bullish trend line with support at $4,120 on the 4-hour chart.
  • WTI Crude Oil prices could struggle to recover above $60.00.
  • EUR/USD is again moving lower below 1.1650 and 1.1620.

Gold Price Technical Analysis

Gold prices formed a base above $4,000 and started a fresh increase against the US Dollar. It cleared many hurdles near $4,150 and $4,250.

The 4-hour chart of XAU/USD indicates that the price settled above the $4,000 level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). The upward move was such that the price spiked above $4,350.

Gold traded to a new record high near $4,381 before the bears took a stand. There was a sharp downside correction below $4,200. The price traded below a key bullish trend line with support at $4,120.

It tested $4,000 and is currently consolidating losses. On the upside, immediate resistance is near the $4,150 level. The next major resistance sits near the $4,180 level.

A clear move above $4,180 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,250, above which the price could rally toward the milestone level of $4,350.

On the downside, initial support is near the $4,000 level. The first key support is $3,945. The next major support is near the $3,850 level. A downside break below $3,850 might call for more downsides. The next key zone to watch could be $3,750.

Looking at WTI Crude Oil, the price attempted a decent recovery wave, but the bears remained active below the $60.00 level.

Economic Releases to Watch Today

  • US Initial Jobless Claims - Forecast 227K, versus 218K previous.
  • US New Home Sales for Sep 2025 (MoM) – Forecast +2.9% versus +20.5% previous.
Excellent
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