Gold, Technical Analysis – H1
Gold found solid support in the $4,040 zone, which could enable bulls to make another attempt at challenging the descending trendline near $4,100.
Gold found solid support in the $4,040 zone, which could enable bulls to make another attempt at challenging the descending trendline near $4,100. While a direct breakout is unlikely, this move would serve as a valuable test of real buying and selling pressure, making the scenario particularly interesting.
Key Levels:
□ $4,040 (key support)
□ $4,100 (descending trendline)
□ $4,000 (psychological support)
Primary Scenario:
Rise towards $4,100, followed by a downward reversal.
Alternative Scenario:
Breakdown below the psychological support at $4,000.
Analyst Commentary:
The intraday outlook appears more constructive for bulls, although medium-term forecasts remain uncertain due to the latest wave of escalation in the Middle East.
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.