Key Highlights
- Gold started a fresh decline from $5,240 and traded below $5,120.
- A major bearish trend line is forming with resistance at $5,075 on the 4-hour chart.
- WTI Crude Oil surged toward $102 before there was a pullback.
- Bitcoin rallied toward $76,000 before it faced some substantial resistance.
Gold Price Technical Analysis
Gold remained well bid above $4,970 against the US Dollar. The price climbed above $5,150 and $5,200 before it started a fresh decline.
The 4-hour chart of XAU/USD indicates that the price trimmed gains from $5,238 and traded below $5,150. There was a close below the 100 Simple Moving Average (red, 4 hours) and the 200 Simple Moving Average (green, 4 hours).
The price traded as low as $4,970 and is currently consolidating losses. There is also a major bearish trend line forming with resistance at $5,075.
On the upside, immediate resistance is $5,075 and the trend line. The next major resistance sits near $5,100. A clear move above $5,100 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $5,135 and the 61.8% Fib retracement level of the downward move from the $5,238 swing high to the $4,970 low.
The main target for the bulls could be $5,165 and the 100 Simple Moving Average (red, 4 hours), above which the price could test $5,200. If there is another decline, Gold might find bids near the $5,000 level. The first major support sits at $4,970, below which the price might slide to $4,920.
The main support sits at $4,880. Any more losses might call for a test of $4,840 or even $4,820 in the coming days.
Looking at WTI Crude Oil, the price rallied over 10% amid the ongoing Iran war before the bears took a stand near the $102 level.
Economic Releases to Watch Today
- US Producer Price Index for Feb 2026 (MoM) – Forecast +0.3%, versus +0.5% previous.
- US Producer Price Index for Feb 2026 (YoY) – Forecast +2.9%, versus +2.9% previous.
- BoE Interest Rate Decision – Forecast 3.75%, versus 3.75% previous.
