Key Highlights
- Gold started a downside correction from the $4,245 zone.
- A key bullish trend line is forming with support at $4,020 on the 4-hour chart.
- WTI Crude Oil prices could struggle to recover above $61.20.
- Bitcoin extended losses and might dip further below $90,000.
Gold Price Technical Analysis
Gold prices corrected some gains and traded below $4,200 against the US Dollar. It traded below the $4,150 pivot level to enter a consolidation phase.
The 4-hour chart of XAU/USD indicates that the price dipped below the 50% Fib retracement level of the upward move from the $3,886 swing low to the $4,244 high. However, the bulls were active near the 100 Simple Moving Average (red, 4 hours) and the 200 Simple Moving Average (green, 4 hours).
Besides, there is a key bullish trend line forming with support at $4,020 on the same chart. The next major support is near the $4,000 level. A downside break below $4,000 might call for more downsides. The next key zone to watch could be $3,880.
On the upside, immediate resistance is near the $4,120 level. The next major resistance sits near the $4,150 level. A clear move above $4,150 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,185.
Looking at WTI Crude Oil, the price attempted a decent recovery wave, but the bears remained active below the $61.20 level.
Economic Releases to Watch Today
- US Import Price Index for Oct 2025 (MoM) – Forecast +0.1%, versus +0.3% previous.
- US Export Price Index for Oct 2025 (MoM) – Forecast +0.1%, versus +0.3% previous.
