Gold Extends Downtrend Amid Fading Recovery Hopes

Gold Price Technical Analysis

Gold attempted a rebound from the $4,075 level against the US Dollar, but bearish pressure persisted below the $4,200 and $4,220 thresholds. The 4-hour chart of XAU/USD shows that price broke below the 50% Fib retracement of the move from the $4,073 swing low to the $4,198 high, and remains notably beneath both the 100-period and 200-period Simple Moving Averages on the same interval. An emerging bearish trend line on the 4-hour chart caps upside near $4,160, aligned with the 100 SMA, with the initial barrier sitting at $4,200. The next significant resistance cluster rests at $4,220, with the 200 SMA lying at $4,250. A decisive break above $4,250 would expose further upside, potentially targeting the $4,330 level. Should downside momentum resume, the $4,075 level remains in focus, with immediate support at $4,050. A breach below $4,000 could open the path toward $3,880. WTI Crude Oil encountered resistance near $102.40, prompting a short-term corrective pullback.

Economic Releases to Watch Today

• US Initial Jobless Claims are forecast at 200K, compared to 199K in the previous session.

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