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Gold Technical Analysis – 4H Timeframe
Gold prices attempted to recover some of their losses after hitting a low of $4,480, before rebounding and stabilizing above the psychological support level of $4,500.
Technical Outlook – 4-Hour Timeframe:
The simple moving averages have formed a clear bearish crossover and continue to exert downward pressure on price action, reinforcing the likelihood of further declines in the coming period.
The Relative Strength Index (RSI) has begun to flash negative signals due to overbought conditions relative to price action, which could raise the probability of a bearish divergence in the coming hours.
Expected Scenarios:
Bearish Scenario (Likely):
With trading continuing below the key resistance at $4,600, a break below the pivotal support at $4,500 is needed to target:
- $4,458 as the first target.
A break below this level could pave the way for further losses toward:
- $4,427, followed by $4,380 as the next target.
Bullish Scenario:
Conversely, the bullish scenario is confirmed if the price successfully breaks above the $4,605 level, which could give gold room to recover some of its losses, targeting:
- $4,645 as the first target, followed by $4,680.
Caution: Trading gold involves high risk and may not be suitable for all investors.
Alert: Risk levels remain elevated amid ongoing trade and geopolitical tensions, and all scenarios remain possible.
Risk Disclaimer: Trading CFDs involves risks, and therefore all scenarios may be plausible. The content above is not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 4484.00 | R1: 4593.00 |
| S2: 4427.00 | R2: 4645.00 |
| S3: 4375.00 | R3: 4702.00 |
