Key Highlights
- Gold started a fresh increase above the $4,700 zone.
- A key contracting triangle is forming with resistance at $4,900 on the 4-hour chart.
- WTI Crude Oil tested $83.00 and recently recovered some losses.
- EUR/USD failed to stay above 1.1820 and corrected gains.
Gold Price Technical Analysis
Gold reclaimed the $4,550 pivot level and started a fresh increase against the US Dollar. The price cleared the $4,620 and $4,700 resistance levels.
The 4-hour chart of XAU/USD indicates that the price even surpassed the $4,800 resistance zone and the 100 Simple Moving Average (red, 4 hours). Finally, the bears appeared near the $4,890 zone. The price trimmed some gains and traded below $4,800.
There was a move below the 200 Simple Moving Average (green, 4 hours). If there is another decline, Gold might find bids near the $4,740 level. The first major support sits at $4,710 and the 100 Simple Moving Average (red, 4 hours).
The next support could be $4,600, below which the price might slide to $4,550. The main support sits at $4,425. Any more losses might call for a test of $4,200 or even $4,120 in the coming days.
On the upside, immediate resistance is $4,820. The next major resistance sits near $4,880. The main resistance could be near the trend line at $4,900. There is also a key contracting triangle forming with resistance at $4,900.
A clear move above $4,900 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $5,000 or even $5,200.
Looking at WTI Crude Oil, the price declined further toward $83.00 before the bulls stepped in and protected more losses.
Economic Releases to Watch Today
- UK Consumer Price Index for March 2026 (YoY) – Forecast +3.3%, versus +3.0% previous.
- UK Core Consumer Price Index for March 2026 (YoY) – Forecast +3.2%, versus +3.2% previous.
