Key Highlights
- Gold struggled to start a fresh increase and remained below $4,450.
- A bearish trend line is forming with resistance at $4,355 on the 4-hour chart.
- WTI Crude Oil extended gains and remains supported above $100.
- EUR/USD started a fresh decline and traded below 1.1580.
Gold Price Technical Analysis
Gold failed to surpass $4,500 and corrected gains against the US Dollar. The price dipped below $4,450 and even retested the $4,250 support zone.
The 4-hour chart of XAU/USD indicates that the price settled well below $4,450, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). On the upside, immediate resistance could be $4,350 and the 23.6% Fib retracement level of the downward move from the $4,510 swing high to the $4,253 low.
There is also a bearish trend line forming with resistance at $4,355. The next major resistance might be $4,380 and the 200 Simple Moving Average (green, 4 hours).
A clear move above $4,380 could open the door for more upside. In the stated case, the bulls could aim for a move toward $4,450 and the 100 Simple Moving Average (red, 4 hours).
Any more gains might send the price toward the $4,500 level. If there is a fresh decline, the price could test $4,220. The first major support sits at $4,200. The next support could be $4,165, below which the price might slide to $4,120. The main support sits at $4,000.
Looking at WTI Crude Oil, the price remained in a positive zone, and the bulls might aim for a larger move to test $110.00.
Economic Releases to Watch Today
- UK Consumer Price Index for Aug 2026 (YoY) – Forecast +3.1%, versus +2.9% previous.
- UK Core Consumer Price Index for Aug 2026 (YoY) – Forecast +2.7%, versus +2.6% previous.
- Fed Interest Rate Decision – Forecast 4.0%, versus 3.75% previous.
- Fed Monetary Policy Statement.
