Today Technical Analysis: Gold falls 1.5% as energy supply fears are back in focus

Nasdaq 100 Technical Analysis

The Nasdaq-100 has entered a short-term correction after failing to break above the 29,850–29,900 resistance zone. Price has fallen below the 5, 10, and 20-period moving averages, while the bearish crossover between the MA5 and MA10 signals weakening bullish momentum. The recent series of lower highs and lower lows suggests sellers have gained control in the near term.

Immediate support is located around 29,300, followed by 29,000 and the recent swing low near 28,700. On the upside, resistance stands at 29,500–29,650, with 29,900 remaining the key level to watch. A break below 29,300 could extend the correction, while a recovery above 29,650 would improve the short-term outlook.

Nasdaq 1001H Chart

Source: STARTRADER app | Stocks open lower on heightened geopolitical tensions

Gold Technical Analysis

Gold remains under bearish pressure after extending its decline below $4,100. Price continues trading beneath the 5, 10, and 20-period moving averages, while the sequence of lower highs and lower lows confirms that sellers remain in control. Although the market is attempting to stabilize, buying momentum remains limited.

Immediate support is found around $4,050, followed by $4,020 and the psychological $4,000 level. Resistance is located at $4,080–$4,100, with stronger resistance near $4,120. A break below $4,050 would likely accelerate the decline, while a recovery above $4,100 would be needed to ease the current bearish pressure.

Gold 1H Chart

Source: STARTRADER app | Gold opens lower on rate hike expectations and high energy prices

Brent Technical Analysis

Brent crude remains in a strong uptrend despite today’s pullback. Price continues trading above the 20-period moving average, while the moving averages remain positively aligned, confirming that buyers still control the broader trend.

Immediate resistance is seen at $79.65, followed by the recent high at $80.40. Support is located around $78.40, with stronger support near $77.20, where the 20-period moving average is positioned. Holding above these levels would keep the bullish structure intact.

Brent 1H Chart

Source: STARTRADER app | Crude brent jumps 4% to near the $80 level

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.