Today Technical Analysis: Gold falls below $4,500 on renewed US Dollar and oil strength

Gold Technical Analysis

Gold has shifted back into a bearish short-term structure after failing to sustain its previous recovery. Following a rebound toward the $4,530 area, sellers regained control and pushed prices lower, resulting in a series of lower highs and lower lows.

The recent rejection from the $4,520–$4,530 zone proved to be a key turning point. Since then, gold has steadily moved lower and is now trading near $4,460, close to the lower boundary of the recent range.

Immediate support is located near $4,448, which marks the recent swing low. A break below this level could accelerate selling toward $4,420 and potentially $4,400. On the upside, resistance is found at $4,475, followed by $4,490 and then the major resistance zone around $4,510.

Gold 1H Chart

Source: STARTRADER app | Gold falls below $4,500 as the US dollar strengthens due to high oil prices

Brent Technical Analysis

Brent crude oil has staged an impressive recovery and is once again approaching the key psychological resistance level at $100. The moving averages are now aligned positively, with the 5-period average above the 10-period average and both trading above the 20-period average, confirming strengthening bullish momentum.

The chart structure shows a clear V-shaped recovery from the recent low near $95.50. This recovery indicates that market participants continue to price in supply concerns and geopolitical risks, preventing a deeper correction. Price is now testing the same resistance zone that capped the previous rally, making the area around $100.00–$100.05 particularly important.

Volume increased during the recovery phase and has remained relatively stable as price advanced, supporting the bullish move. However, traders should closely monitor the psychological $100 barrier, as it has already proven to be a significant area of selling pressure. A confirmed breakout above $100.05 could open the door toward $101.50 and potentially higher levels. Conversely, failure to break above resistance could trigger another pullback toward $98.50 and $97.80. For now, the short-term outlook remains bullish, with buyers maintaining control unless price falls back below the rising moving averages.

Brent 1H Chart

Source: STARTRADER app | Crude brent rises again as it approaches the $100 psychological level

Nasdaq 100 Technical Analysis

The NASDAQ 100 remains firmly within an established uptrend. The index continues to trade above the 20-period moving average, while the 5-period and 10-period moving averages remain above the longer term average, confirming that the broader bullish structure remains intact.

The current consolidation between 30,650 and 30,750 could be viewed as a bullish continuation pattern if support levels continue to hold.

A breakout above 30,750 could trigger another leg higher toward the psychological 31,000 level. On the downside, initial support is located around 30,650, followed by 30,500 and then 30,350. As long as the index remains above the 20-period moving average, the overall bias remains bullish despite the short-term pause in momentum.

Nasdaq 100 1H Chart

Source: STARTRADER app | US indices continue their rally, reaching new record levels

AUTHOR

Ghassan Albohtori 

Financial Market Analyst - STARTRADER

Ghassan Albohtori is a financial market analyst with experience in macroeconomics, investing, and currency trading. He conducts in-depth market research covering fundamental and technical analysis of different instruments to find major changes in market trends. Mr. Ghassan's main focus is the effects of economic data on different asset classes and how this affects prices.

Risk Disclaimer: This material is provided for informational purposes only and does not constitute a recommendation or investment advice. Trading financial instruments on margin involves substantial risk and may not be appropriate for all investors.