Today Technical Anlysis: Gold breaks two-month high as it reaches $4,450

Gold Technical Analysis

Gold is showing a short-term bearish correction within a broader bullish structure. The price action shows the development of a lower high followed by several consecutive bearish candles, suggesting that the market is currently undergoing profit-taking after the strong rally. However, the broader hourly structure remains relatively constructive because the price is still well above the previous consolidation areas around $4,300–$4,330.

The first important support is around $4,368–4,350. A decisive break below $4,336 would expose the next support around $4,270–$4,300, while a deeper correction could potentially target the $4,225–$4,230 area. On the upside, $4,400–4,410 is now the immediate resistance zone. Above that, the key resistance is $4,435–$4,450. A clear break above $4,450 would restore the bullish momentum and potentially open the way toward new highs.

Gold 1H Chart

Source: STARTRADER app | Gold faces strong resistance after breaking $4,450 level following CPI inflation numbers

Brent Technical Analysis

Brent crude is showing a clear bullish momentum, with price currently around $88.91 after a substantial recovery from the $79.62 low. The market has established a clear sequence of higher lows and higher highs since the early-August bottom, and the recent acceleration above $85.80 confirms that buyers have regained control of the short-term trend.

The immediate support area is around $88.50–$88.90. A sustained break below $88.50 would weaken the short-term structure and could send the market toward $87.50–$87.80. Below that, the $85.70–$86.00 region becomes the next major support area and represents the breakout zone from the previous rally. On the upside, Brent needs to reclaim $89.50–$90.00 to regain immediate bullish momentum. A break above $90.00, followed by a move through $91.08, would provide a strong bullish continuation signal and could expose the market to the $92–$93 region.

Overall, the technical outlook remains bullish, although the market is vulnerable to a short-term pullback after the sharp recovery. As long as Brent holds above $87.50–$88.00, the broader short-term bullish structure remains intact, with $90.00 and $91.08 acting as the key upside levels to watch.

Brent 1H Chart

Source: STARTRADER app | Oil prices remain relatively high around the $90 level

Nasdaq-100 Technical Analysis

Nasdaq-100 remains in a broadly bullish but highly consolidated structure on the 1-hour chart. The index has recovered strongly from the 29,500 area and is currently trading around 29,784. Price action over the past several sessions has been characterized by repeated attempts to move higher, followed by relatively shallow pullbacks.

The key resistance is 29,900–29,915, followed by the psychologically important 30,000 level. A sustained hourly close above 29,915 would be technically positive and could trigger another attempt toward 30,000 and potentially higher levels. On the downside, the first important support is around 29,700–29,750, while the stronger support zone is around 29,500–29,530. A break below 29,500 would significantly weaken the current bullish structure and could lead to a deeper correction toward 29,300 and below.

Overall, the outlook is neutral-to-bullish, with the bullish bias remaining intact as long as the index holds above 29,500–29,600. The most important technical signal to watch is a breakout above 29,915, which would confirm renewed upside momentum.

Nasdaq-100 1H Chart

Source: STARTRADER app | US indices rise following CPI inflation numbers

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