Gold (XAUUSD), Technical Analysis – H1

Gold has likely completed its medium-term downtrend. This is evidenced not only by the bears’ successful defense of the psychologically significant $4,000 level, but also by the preservation of higher lows and rising support structure on the longer-term timeframe. The critical resistance for a full trend reversal lies at $4,070, where the descending trendline is located. A decisive and sustained break above this level would hand full control to the bulls.

Key Levels:

□ $4,000 — psychological support

□ $4,070 — descending trendline & key resistance

□ $4,100 — next consolidation target

Primary Scenario:

Rise toward the $4,070 zone, followed by an attempt to consolidate above $4,100.

Alternative Scenario:

Consolidation within the $4,030–$4,070 range.

Analyst Commentary:

Several analysts are highlighting the pronounced divergence between copper and gold prices. This divergence may act as a significant bullish oscillator and could support further strength in gold.