Today Technical Analysis: Gold rises above $4,050 as bullish momentum strengthens

Gold Technical Analysis

Gold has staged a strong bullish breakout, surging above the $4,050 resistance zone after rebounding from the $3,960 support area. Price is trading well above the 5, 10, and 20-hour moving averages, with the shorter-term averages crossing above the 20-MA, confirming renewed upside momentum.

Immediate resistance is located at $4,092, followed by the key barrier around $4,113. Initial support is seen at $4,050, with stronger support at $4,035. Holding above $4,050 would keep the bullish outlook intact and could open the door for another test of $4,103, while a break below $4,030 may trigger a deeper pullback.

Gold Chart

Source: STARTRADER app | Gold prices jump on hopes of a ceasefire

Brent Technical Analysis

Brent crude remains in an overall uptrend despite consolidating below the recent high at $91.31. Price continues to trade above the 20-hour moving average, while the 5 and 10-hour averages have flattened, indicating that bullish momentum has eased but the broader trend remains positive.

Immediate resistance is located at $91.30, followed by $92.50. Initial support is found at $88.70, with stronger support around $88.10. A break above $91.30 would signal a continuation of the uptrend, while a move below $88.70 could lead to a deeper correction toward $88.10.

Brent 1H Chart

Source: STARTRADER app | Crude brent moves sideways following strong selling pressure

EURUSD Technical Analysis

EUR/USD remains in a narrow consolidation range around 1.1420, with price trading close to the 5, 10, and 20-hour moving averages. The flattening moving averages indicate weak momentum and a lack of clear directional conviction as buyers and sellers remain balanced.

Immediate resistance is located at 1.1435, followed by 1.1462. Initial support is seen at 1.1412, with stronger support around 1.1365. A sustained move above 1.1435 would improve the short-term outlook and target 1.1460, while a break below 1.1412 would increase downside pressure toward the recent lows.

EURUSD 1H Chart

Source: STARTRADER app | EURUSD finds support around 1.1400 level following the recent decline

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.