Gold (XAUUSD), Technical Analysis – H1
Gold has likely completed its medium-term downtrend.
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.
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.