Today Technical Analysis: Gold faces strong resistance at $4,700 level on renewed strength in US dollar

S&P 500 Technical Analysis

The SP500 continues to display strong bullish structure on the hourly timeframe after rebounding sharply from the 7,346 low. Price has been respecting the short-term moving averages during minor pullbacks.

Despite the bullish structure, the market is now approaching a potential near-term exhaustion zone. The candles near the highs are becoming smaller, suggesting that momentum is slowing slightly as the index tests resistance.

If the SP500 breaks decisively above 7,475, the next upside extension could target the psychological 7,500 area and potentially higher. On the downside, initial support sits around 7,448–7,450.

A break below that zone could trigger a deeper retracement toward 7,410, though the broader hourly structure would remain bullish unless the market falls back below 7,346.

S&P 500 1H Chart

Source: STARTRADER app | S&P 500 beaks a new record high driven by tech companies

Gold Technical Analysis

Gold remains in a broad consolidation phase after the sharp rejection from the $4,773 resistance area. On the hourly chart, price action has transitioned from a strong impulsive rally into a sideways structure between roughly $4,665 and $4,710, showing that bullish momentum has cooled significantly in the short term.

Gold seems to be neutral in the immediate short term but still constructive on a slightly broader horizon as long as price remains above the $4,638 swing low.

If buyers manage to secure an hourly close above $4,712, momentum could quickly accelerate toward $4,745 and potentially retest $4,773. On the downside, a clean break below $4,665 would likely expose $4,638 again, and losing that level could trigger a deeper bearish correction toward the $4,600 psychological area.

Gold 1H Chart

Source: STARTRADER app | Gold continues to face resistance around $4,700 level due to a strenght in USD

Brent Technical Analysis

Brent crude oil has shifted into a corrective bearish phase after failing to sustain momentum above the $111.40 region. Price is currently trading beneath the MA20, while the MA5 and MA10 are flattening around current levels.

The inability to reclaim the moving averages aggressively shows that buyers are still cautious. Volume has also faded during recent rebounds, another sign that bullish conviction is currently limited.

The key support zone remains around $107.15–$106.00. As long as price stays above that region, oil may still be forming a medium-term consolidation range. However, a break below those levels would likely accelerate downside pressure toward lower support regions.

On the upside, bulls need to reclaim and hold above $109.30 first to improve short-term sentiment. A stronger breakout above $110.30 would be needed to fully restore bullish momentum and reopen the path toward the previous $111.40 high.

Brent 1H Chart

Source: STARTRADER app | Brent crude prices remain largely elevated due to geopolitical uncertainty

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.