Gold, Technical Analysis – H4
Gold’s trading range continues to contract, with limited space remaining and a bearish bias pointing toward a downside break. Key support at $4,000 remains the critical level to watch, with the primary move expected after the weekend.
The trading range in gold continues to narrow progressively, leaving limited remaining space and indicating that a resolution is approaching. The character of the consolidation remains bearish; therefore, a downside breakout of the range is the more probable outcome. Key support is located at $4,000.
Key Levels:
⬜ 1. $4,000 — key support/range lower boundary
⬜ 2. $4,100 — range upper boundary
Primary Scenario;
Continued consolidation within the $4,000–4,100 range.
Alternative Scenario:
Decline below $4,000.
Analyst Commentary:
The main impulse is likely to unfold after the weekend.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.