Key Highlights
- Gold started a fresh rally above the $4,250 region.
- It surpassed a major contracting triangle with resistance at $4,095 on the 4-hour chart.
- WTI Crude Oil started a recovery wave above $81.50 and $82.00.
- Bitcoin failed to clear the $65,500 resistance and trimmed gains.
Gold Price Technical Analysis
Gold found bids near $4,065 and $4,080 against the US Dollar. The price started a decent increase after there was a close above $4,120.
The 4-hour chart of XAU/USD indicates that the price settled above the $4,250 pivot level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). A high was formed at $4,435, and the price remains elevated.
On the upside, immediate resistance could be $4,435. The next major resistance might be $4,450. A clear move above $4,450 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,500 or even $4,525. Any more gains might send the price toward the $4,550 level.
If there is a downside correction, the price could test the $4,350 support or the 23.6% Fib retracement level of the upward move from the $3,995 swing low to the $4,435 high.
The first major support sits at $4,320. The next support could be $4,215, below which the price might slide to $4,150. The main support sits at $4,120. Any more losses might call for a test of $4,050 or even $4,020 in the coming days.
Looking at WTI Crude Oil, the price is slowly moving higher and might rally if it closes above the $83.50 resistance.
Economic Releases to Watch Today
- US NFIB Business Optimism Index for July 2026 – Forecast 97.8, versus 97.4 previous.
- US ADP Employment Change 4-week average – Forecast 12K, versus 15K previous.
