Key Highlights
- Gold started a fresh decline below the $4,265 support.
- A major bearish trend line is forming with resistance at $4,350 on the 4-hour chart.
- WTI Crude Oil extended losses and traded below $78.
- EUR/USD might continue to move down if it drops below 1.1400.
Gold Price Technical Analysis
Gold failed to surpass $4,380 and started a fresh decline against the US Dollar. The price dipped below $4,320 and $4,265 to enter a bearish zone.
The 4-hour chart of XAU/USD indicates that the price settled below $4,300, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $4,023 swing low to the $4,382 high.
If the bears remain in action, the price could revisit the $4,100 support. The first major support sits at $4,050. The next support could be $4,020, below which the price might slide to $3,880.
The main support sits at $3,500. Any more losses might call for a test of $3,320 or even $3,240 in the coming days. On the upside, immediate resistance could be $4,265. The next major resistance might be near a trend line at $4,350.
A clear move above $4,350 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,380 or even $4,420. Any more gains might open the doors for a move toward the $4,650 level.
Looking at WTI Crude Oil, the price started a fresh decline, and there are chances of more losses below the $72 zone.
Economic Releases to Watch Today
- Euro Zone Manufacturing PMI for June 2026 (Preliminary) – Forecast 51.2, versus 51.6 previous.
- Euro Zone Services PMI for June 2026 (Preliminary) – Forecast 48.1, versus 47.7 previous.
- US S&P Global Manufacturing PMI for June 2026 (Preliminary) – Forecast 54.7, versus 55.1 previous.
- US S&P Global Services PMI for June 2026 (Preliminary) – Forecast 51.0, versus 50.7 previous.
