Gold (XAU/USD), Technical Analysis – H1
Gold (XAU/USD) is in an intense decline on the H1 timeframe. Key supports lie at $4,030 and $3,960, where buying interest may trigger rebounds.
An intense decline in prices is currently underway. The nearest strong support levels capable of halting this move are $4,030 and $3,960. At these zones, sufficient demand may emerge to spark an upward rebound. Sellers are likely to take speculative profits here, which could further ease downward pressure.
Key Levels:
□ $4,030 — Near-term support
□ $3,960 — Stronger support
□ $4,100 — Key medium-term resistance
Primary Scenario:
Decline toward $3,960, followed by an upward rebound.
Alternative Scenario:
Rebound from $4,030 toward $4,100, then resumption of the downtrend.
Analyst Commentary:
The $4,100 area remains the key zone for medium-term selling. Intraday, traders can also utilize emerging buy signals at the highlighted support levels.
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.