Today Technical Analysis: Gold Comes Under Pressure as Bond Yields Spike

Gold Technical Analysis

Gold is showing a bearish short-term structure on the hourly chart, trading around $4,346 after a significant decline from the recent high near $4,450. The chart shows a clear sequence of lower highs and lower lows since the peak, with the latest selloff taking gold below the $4,380 area. The moving averages reinforce the bearish picture as price is still below the moving average MA20.

The precious metal has found some support around $4,335–$4,340, where the latest decline has temporarily stabilized. A sustained break below this zone would expose $4,311, the previous major swing low. Below $4,311, the next important area would be around $4,298–$4,300. On the upside, the first resistance is around $4,358–$4,360, followed by the more important $4,380–$4,400 zone.

A break above $4,360 would be an initial sign that sellers are losing momentum, but gold would need to reclaim $4,380–$4,400 to meaningfully improve the short-term outlook.

Gold 1H Chart

Source: STARTRADER app | Gold falls nearly 2% on inflation fears and higher bond yields

Brent Technical Analysis

The hourly chart of Brent reflects a strong bullish trend reversal that has recently entered a short-term consolidation phase.The short-term moving averages demonstrate a strong bullish alignment. Price is currently testing the convergence of the shorter MAs, which are serving as immediate dynamic support to keep the upward structure intact.

Looking ahead, a sustained hourly close above the $92.50 high on expanding volume opens the door for a continuation toward $93.00 Conversely, if the price loses the 20-period moving average support, a short-term pull-back toward the $91.33 or $89.63 support zones is likely before buyers step in again.

Brent 1H Chart

Source: STARTRADER app | Oil prices continue to rise with growing geopolitical uncertainty

GBPUSD Technical Analysis

GBPUSD maintains a cautiously bullish short-term bias, trading around 1.3552 after recovering from the recent pullback. Price is trading above all three averages MA(5), MA(10), and M(20), indicating that short-term momentum is turning positive.

The immediate resistance is around 1.3551–1.3571. A sustained break above this level would strengthen the bullish structure and could open the way toward 1.3580–1.3600. On the downside, 1.3536–1.3540 is the first support zone, followed by the stronger 1.3522 area. A break below 1.3522 would weaken the current recovery and potentially expose the pair to 1.3493.

Overall, the pair is mildly bullish, but GBPUSD needs to clear 1.3570 to establish a stronger bullish continuation. Until then, the pair remains vulnerable to further consolidation between roughly 1.3520 and 1.3570.

GBPUSD 1H Chart

Source: STARTRADER app | GBPUSD rises following UK's hot inflation numbers

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