Today Technical Analysis: Gold slips below the $4,700 as continued US dollar strength weighs on prices.

Gold Technical Analysis

Gold is trading near $4,630 after a sharp selloff from the $4,700 region. Price broke below multiple support levels and is now trading beneath all key moving averages: MA5, MA10, and MA20. This bearish alignment confirms strong downside pressure.

Unless gold reclaims $4,655–$4,670, sellers remain in control. A break below $4,623 would likely extend losses toward $4,612 and $4,600.

Volume increased into the decline, confirming bearish conviction.

Bias remains bearish below $4,655, with downside pressure dominant unless a sharp recovery reclaims the moving averages.

Gold 1H Chart

Brent Technical Analysis

Brent crude is trading near $109.71 after extending its rally and printing a fresh high at $110.32. Price action remains decisively bullish, with consistent higher highs and higher lows. The market is trading above all major moving averages: MA5, MA10, and MA20, confirming strong upward momentum.

The alignment of short-term averages above longer-term averages reflects trend acceleration, while shallow pullbacks suggest buyers remain in control.

As long as price holds above $108.70, bulls retain momentum. A break above $110.32 could open the door toward $111.10 and beyond.

Momentum remains strong, although volume is moderate rather than explosive. This suggests a healthy trend continuation rather than panic buying.

Bias remains bullish above $108.70, targeting $111.10 next.

Brent 1H Chart

S&P 500 Technical Analysis

The S&P 500 is trading near 7,173 fter rejecting from a recent high at the psychological level 7,200. Despite the minor pullback, the broader structure remains bullish, as price is still holding close to all major moving averages: MA5, MA10, and MA20. The current move appears more like profit-taking or consolidation after a strong rally.

A recovery above 7,186 would restore bullish momentum quickly, while a break below 7,150 may trigger a deeper retracement. Volume is relatively light during the pullback, indicating sellers are not aggressive. This favors consolidation rather.

Bias is generally bullish with the trend intact above 7,150.

S&P 500 1H Chart

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.