Today Technical Analysis: Gold faces major resistance at the $4,200 level

Nasdaq Technical Analysis

Nasdaq 100 is trading around 30,974, following a recovery from the recent low of 30,583.35. The index has rebounded toward the 31,000 area, but the latest candles indicate some hesitation after the recovery, suggesting that buyers and sellers are competing for short-term direction.

The moving averages alignment suggests that the uptrend has weakened, although the index is still holding near its medium-term moving average.

Immediate support is located around 30,946–30,968, followed by 30,731 and the recent low at 30,583. On the upside, resistance is located around 31,100–31,160, followed by 31,300 and the previous high near 31,404.

A sustained move above 31,160 could restore bullish momentum and open the way toward 31,300–31,400. Conversely, a break below 30,946 could expose the index to further downside toward 30,731.

Outlook: Neutral to cautiously bullish. The broader recovery remains intact, but NAS100 needs to regain the 31,100–31,160 area to strengthen the short-term outlook.

Nasdaq 1H Chart

Source: STARTRADER app | Bullish momentum remains on the Nasdaq ahead of earnings season

Gold Technical Analysis

Gold is trading around $4,185, consolidating after recovering from the recent low of $4,066. The precious metal advanced toward $4,217 before encountering selling pressure.

The moving averages suggest that the broader recovery remains relatively constructive, although immediate momentum is weakening. The positioning of prices and moving averages points to a potential test of nearby support as the market searches for direction.

Immediate support is located around $4,180–$4,175, followed by $4,141 and the recent low at $4,066. On the upside, resistance is located around $4,197–$4,217, followed by $4,231.

A sustained move above $4,217 could renew bullish momentum and open the way toward $4,231. A break above that level would further strengthen the recovery. Conversely, a move below $4,175 could expose gold to a deeper pullback toward $4,141.

Outlook: Neutral to cautiously bullish, provided gold holds above the $4,175 area. The recent recovery remains vulnerable to further selling pressure unless buyers reclaim $4,217–$4,231.

Gold 1H Chart

Source: STARTRADER app | Gold faces strong resistance at the $4,200 level

Brent Technical Analysis

Brent crude is trading around $107.73, recovering after a sharp pullback from its recent high of $109.836. The price action shows that buyers have stepped in around the $105–$106 region, helping the market rebound toward $108.

Immediate resistance is located around $108.45, followed by $109.00 and the recent high at $109.84. On the downside, support is found around $106.46, followed by $105.40 and the recent low near $103.77.

A sustained break above $108.45 could extend the recovery toward $109.00–$109.84. However, failure to maintain the current rebound could send prices back toward $106.46. A break below that level would weaken the short-term outlook.

Oil prices remain particularly sensitive to geopolitical developments, supply disruptions and expectations regarding global demand. These factors could contribute to increased volatility around the identified technical levels.

Outlook is cautiously bullish in the short term. A breakout above $108.45 would strengthen the recovery, while $106.46 remains an important support level.

1H Chart

Source: STARTRADER app | Oil prices remain volatile due to uncertain geopolitical environment

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