Today Technical Analysis: Gold holds above $4,500 as the US dollar index faces resistance around 99.50

Gold Technical Analysis

The hourly chart of Gold showcases a V-shaped recovery that is currently experiencing a mild bearish retracement, with price around $4,522 After hitting a strong support level at $4,453, a sharp influx of buying pressure propelled the precious metal back up to test the $4,570 level. Recently, however, the momentum has softened, and the price has slipped below its MA5 and MA10 moving averages, which are now beginning to curve downward as immediate resistance.

Price is currently leaning directly on the moving average MA20 near $4,530. Holding above this moving average could allow buyers to form a higher low for another upward push, while a clean break below it would indicate a deeper retracement toward the $4,481 support zone.

Gold 1H Chart

Source: STARTRADER app | Gold rebounds as the Dollar index faces pressure from lower oil prices

Brent Technical Analysis

Brent crude has transitioned from a sharp bearish drop into a tight, short term stabilization pattern around $107.13. Following a severe sell off that bottomed out at $104.58, the price action has flattened out significantly, leading to a visible compression of the moving averages MA5, MA10, and MA20 lines.

The price is currently filtering right through this cluster of moving averages, which signals a substantial loss of downside momentum and a temporary equilibrium between buyers and sellers. This rounding bottom or base building behavior indicates that the previous aggressive downtrend has paused, setting up a range bound environment where a definitive move away from the $106.50 to $108.00 zone will dictate the next major directional phase.

Brent 1H Chart

Source: STARTRADER | Oil prices came under pressure as Trump hinted a close end to the conflict

S&P 500 Technical Analysis

The hourly chart for the S&P500 demonstrates a clear structural shift from a previous downtrend into a bullish recovery phase, with the index currently trading at 7,428. After stabilizing around a low of 7,342, the price established a strong upward trajectory characterized by successive higher lows and higher highs.The moving averages are in a healthy bullish alignment, with the price currently tracking just above the MA10 and MA20 moving averages, which are trending upward to provide structural support. Despite a minor short-term consolidation following a peak at 7,446, the price action remains stable above MA20, suggesting that buyers retain control and are positioning for a potential retest of the recent highs if support holds.

S&P 500 1H Chart

Source: STARTRADER app | S&P 500 rebounds as Nvidia reports better-than-expected earnings

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.