Gold, Technical Analysis – H1
Gold remains inside a contracting triangle that still offers room for one more session of consolidation. Barring any sudden black-swan events, prices are expected to stay within the 4,030–4,070 range, while the longer-term bias remains bearish.
Gold remains inside a contracting triangle that still offers enough room for one more trading session. Thus, barring any emergency “black swan” events, prices are expected to stay within the 4,030–4,070 range. The longer-term picture looks bearish.
Key Levels:
□ Resistance: 4,070
□ Support: 4,030
□ Key support: 4,000
Primary Scenario:
Continuation of consolidation within the 4,030–4,070 corridor.
Alternative Scenario:
Decline below $4,000.
Analyst Commentary:
Medium-term short positions from the upper boundary of the consolidation may prove promising.
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.