Today Technical Analysis: Gold falls below $4,300 support level as markets largely anticipate a rate hike

Gold Technical Analysis

Gold remains in a bearish short-term trend, trading around $4,280 and below the three moving averages MA(5), MA(10), and MA(20). The moving averages are clustered above the current price, creating an immediate resistance zone around $4,294–$4,300. The recent failure to sustain rebounds above $4,300 reinforces the downside bias.

Immediate support is at $4,253, followed by $4,244. A break below $4,244 could expose further downside. On the upside, $4,294–$4,300 is the first resistance zone, followed by $4,344 and $4,394. A sustained move above $4,344 would be needed to significantly improve the technical outlook. Overall, the bias remains bearish, with sellers currently in control.

Gold 1H Chart

Source: STARTRADER app | Gold drops to $4,280 on rate hike expectations and higher yields

Brent Technical Analysis

Brent crude maintains a bullish short-term structure, with price around $108.35. The recent recovery from the $105.45 area has produced a series of higher lows, while price is now consolidating just below the $110.42 resistance.

A break above $110.42 would strengthen the bullish outlook and could open the way toward $111–$112. On the downside, $107.70–$107.90 is the first support zone, followed by $105.45. A sustained break below $105.45 would weaken the current bullish structure. Overall, the bias remains bullish, although momentum may remain range-bound until $110.42 is broken.

Brent 1H Chart

Source: STARTRADER app | Crude brent breaks $110 a barrel as critical shipping routes face disruptions

S&P 500 Technical Analysis

The S&P 500 is showing strong short-term bearish momentum, falling to around 7,596 after failing to hold the recovery toward 7,687. All three averages MA(5), MA(10), and MA(20) are positioned above price and turning lower.

The index is approaching an important support area around the previous low of 7,588. A decisive break below this level could accelerate the decline toward 7,550–7,500. On the upside, 7,610–7,626 represents the first resistance zone, followed by 7,638 and the recent high at 7,687. Overall, the short-term bias is bearish, although the proximity to 7,588.72 means a technical rebound remains possible if support holds.

S&P 500 1H Chart

Source: STARTRADER app | S&P 500 declines following warnings about AI concerns

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