Key Highlights
- Gold extended its rally and traded to a new record high above $3,850.
- A key bullish trend line is forming with support at $3,785 on the 4-hour chart.
- WTI Crude Oil prices failed to recover above $66.50 and trimmed gains.
- EUR/USD could struggle to clear the 1.1780 and 1.1800 resistance levels.
Gold Price Technical Analysis
Gold prices formed a base above $3,720 and started a fresh increase against the US Dollar. It cleared many hurdles near $3,750 and $3,800.
The 4-hour chart of XAU/USD indicates that the price settled above the $3,800 level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). The upward move was such that the price spiked above $3,850.
Gold traded to a new record high near $3,851 and might continue to rise. On the upside, immediate resistance is near the $3,855 level. The next major resistance sits near the $3,865 level.
A clear move above $3,865 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $3,900, above which the price could rally toward the milestone level of $4,000.
On the downside, initial support is near the $3,800 level. The first key support is $3,785. There is also a key bullish trend line forming with support at $3,785 on the same chart. The next major support is near the $3,750 level.
A downside break below $3,750 might call for more downsides. The next key zone to watch could be $3,690 and the 100 Simple Moving Average (red, 4 hours).
Looking at WTI Crude Oil, the price attempted a decent recovery wave, but the bears remained active near the $66.50 level.
Economic Releases to Watch Today
- US Housing Price Index for July 2025 (MoM) – Forecast +0.1%, versus -0.2% previous.
- ECB’s Nagel speech.
- Fed’s Goolsbee speech.
