Aayush Jindal
Key Highlights
- Gold started a fresh decline below the $4,650 support.
- A connecting bearish trend line is forming with resistance at $4,610 on the 4-hour chart.
- WTI Crude Oil regained traction and climbed above $105.
- EUR/USD failed to stay above 1.1775 and corrected gains.
Gold Price Technical Analysis
Gold failed to surpass $4,900 and trimmed gains against the US Dollar. The price dipped below $4,750 and $4,650 to enter a bearish zone.
The 4-hour chart of XAU/USD indicates that the price even declined below $4,600, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). A low was formed at $4,500, and the price is now consolidating losses.
On the upside, immediate resistance is $4,550. The next major resistance sits near $4,600. There is also a connecting bearish trend line forming with resistance at $4,610.
The main resistance could be near the trend line at $4,650. A clear move above $4,650 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,740 or even $4,780.
If there is another decline, Gold might find bids near the $4,500 level. The first major support sits at $4,320. The next support could be $4,200, below which the price might slide to $4,150. The main support sits at $4,000. Any more losses might call for a test of $3,800 or even $3,650 in the coming days.
Looking at WTI Crude Oil, the price regained bullish momentum above $100 and might continue to rise in the short term.
Economic Releases to Watch Today
- US ISM Services Index for April 2026 – Forecast 53.7, versus 54.0 previous.
- US New Home Sales for Feb 2026 (MoM) – Forecast -0.4% versus -17.6% previous.
