Today Technical Analysis: Gold Falls Below $4,700 on a Stronger Dollar and Higher Oil Prices

Gold Technical Analysis

Gold is entering a corrective phase after failing to sustain the strong rally that pushed price toward the $4,764 region last week.

The rejection near $4,765 created a clear short-term resistance level, and since then gold has started forming lower highs while gradually slipping back below the MA5 and MA10 moving averages. The market may be transitioning from impulsive bullish expansion into either consolidation or a deeper correction.

Despite the current weakness, the broader structure remains constructive as long as gold holds above the $4,630–$4,650 support zone. This region aligns closely with the MA20 and previous breakout structure, making it a very important area for buyers to defend. A successful rebound from this zone could allow gold to retest $4,700 and eventually challenge $4,765 again.

However, if sellers break price below $4,630 decisively, the correction could deepen toward $4,580 and potentially back toward the $4,500 support area.

Gold 4H Chart

STARTRADER app | Gold under pressure as rising oil prices push the US dollar higher

Brent Technical Analysis

Oil has started to show signs of stabilization and recovery on the 4-hour timeframe following the aggressive selloff that pushed price down toward the $100.22 low.

Technically, the structure is improving in the short term. Price has now reclaimed both the MA5 and MA10 moving averages, while the MA5 has crossed above the MA10, signaling improving bullish momentum.

The $104.00–$105.00 region has now become a key support zone after acting as the base for the latest recovery. Meanwhile, resistance is developing near $109.50–$110.30, where previous selling pressure emerged during earlier breakdown phases.

If oil successfully breaks above $110.30, the next upside targets could emerge near $112 and $115. On the downside, rejection below resistance could trigger renewed selling pressure back toward $105 and potentially $102 if bearish momentum returns.

Brent 4H Chart

Source: STARTRADER app | Oil prices start the week higher, nearing the $110 level

EURUSD Technical Analysis

EURUSD shows a slightly bullish structure on the 4H timeframe after recovering strongly from the 1.1655 low. The moving averages are now tightly compressed, with MA5, MA10, and MA20 nearly overlapping around current price.

The recent rejection from 1.1796 is technically important because it confirms that sellers are still defending the upper range aggressively. At the same time, repeated rebounds from the 1.1725–1.1730 area indicate buyers remain active on dips. This creates a developing range structure between support and resistance, with the market waiting for a stronger directional catalyst.

If buyers manage to reclaim and close above 1.1780 on the 4-hour timeframe, EURUSD could accelerate toward 1.1810 and potentially retest higher resistance zones. On the downside, failure to hold above 1.1725 would weaken the bullish structure and expose the pair to another move toward 1.1685 and possibly the previous swing low near 1.1655.

EURUSD 4H Chart

Source: STARTRADER app | EURUSD faces pressure as the US dollar gains momentum

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.