Today Technical Analysis: Gold Stabilizes Near $4,700 As The Dollar Index Faces Key Resistance at 100

Brent Technical Analysis

Brent crude is trading around $112.60 and remains in a strong bullish structure on the 1-hour timeframe. The chart shows a clear uptrend with higher highs and higher lows, supported by well-aligned moving averages, with the 20 MA above the 50 MA and both above the 100 MA.

The recent price action indicates a continuation pattern, with minor pullbacks being bought aggressively. The breakout above the $110 level confirmed bullish strength, and price has since pushed toward the $114.30 resistance area.

As long as price remains above the $111–$110 support zone, the bullish trend remains intact, and further upside toward $115 is possible. However, a break below $110 would signal a deeper correction toward the $108 region, where stronger support is likely to emerge.

Brent 1H Chart

Gold Technical Analysis

Gold is currently trading near the $4,700 level. One the 1H timeframe, the chart shows a recovery phase after a sharp sell-off from the $4,800 region down toward $4,554. Price has managed to stabilize and form a sequence of higher lows, indicating short-term bullish momentum. This recovery is supported by price reclaiming the 20 and 50 moving averages, which are now starting to slope upward, suggesting a potential continuation higher.

An important resistance level to monitor is the $4,700–$4,720 zone. The recent structure suggests a corrective bounce within a broader bearish move unless buyers manage to break above this resistance. Immediate support lies around $4,620, and as long a golds price holds above this level, the upside toward $4,700 remains likely. A break below $4,600 would weaken the recovery and could expose the $4,550 zone again.

Gold 1H Chart

S&P 500 Technical Analysis

The S&P 500 (SP500) is trading near 6,600 and appears to be consolidating for now. Currently, price is hovering around the 20 and 50 moving averages, which are flattening, reflecting a lack of clear directional momentum in the short term.

The market is effectively in a range between 6,550 support and 6,620 resistance. A breakout above 6,620 would likely trigger bullish continuation toward recent highs, while a rejection from this area could lead to another retest of the 6,500–6,460 support zone. The structure suggests indecision, and traders should watch for a clear breakout to determine the next directional move.

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.