Key Highlights
- Gold started a fresh increase above the $4,200 region.
- It surpassed a major contracting triangle with resistance at $4,090 on the 4-hour chart.
- WTI Crude Oil started a fresh decline and traded below $80.00.
- Bitcoin gained bullish momentum for a move above $64,200.
Gold Price Technical Analysis
Gold found bids near $4,020 and $4,050 against the US Dollar. The price started a decent increase after there was a close above $4,100.
The 4-hour chart of XAU/USD indicates that the price surpassed a major contracting triangle with resistance at $4,090. There was a close above $4,150, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours).
The price traded as high as $4,304 and is currently consolidating gains. On the upside, immediate resistance could be $4,300. The next major resistance might be $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 $4,420 or even $4,450. Any more gains might send the price toward the $4,500 level.
If there is a downside correction, the price could revisit the $4,230 support or the 23.6% Fib retracement level of the upward move from the $3,995 swing low to the $4,304 high. The first major support sits at $4,185.
The next support could be $4,150, below which the price might slide to $4,110. The main support sits at $4,065. Any more losses might call for a test of $4,020 or even $4,000 in the coming days.
Looking at WTI Crude Oil, the bears are back, and they could aim for a move below the $75.00 support zone in the near term.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 202K, versus 197K previous.
- US Wholesale Inventories for June 2026 (preliminary) – Forecast +0.3%, versus +0.3% previous.
