Gold remains under significant selling pressure as a stronger US dollar and rising expectations of tighter monetary policy continue to weigh on the precious metal. Meanwhile, Brent crude maintains a strong bullish structure near the $100 level, while the S&P 500 remains under short-term bearish pressure.
Gold Technical Analysis
Gold continues to trade within a strong bearish structure on the 1-hour chart, with the price hovering around $4,322. The precious metal remains below its short-term moving averages, with the 5-period, 10-period and 20-period averages positioned above the current price and pointing lower.
This technical alignment suggests that sellers remain in control, while recent attempts to recover have so far failed to establish a meaningful reversal.
The immediate support zone is located between $4,280 and $4,300. A decisive move below $4,280 could increase selling pressure and expose the next downside targets near $4,250, followed by the key psychological $4,200 level.
On the upside, the $4,350-$4,365 area represents the first important resistance zone. A sustained move above this region would be needed to weaken the current bearish structure, while the $4,460 level remains a stronger resistance area.
Overall, the short-term outlook remains bearish while gold continues to trade below its key moving averages and resistance levels.
Key Gold Levels
| Resistance | $4,335 | $4,356 | $4,414 |
| Support | $4,281 | $4,255 | $4,210 |
Brent Crude Technical Analysis
Brent crude continues to show a strong bullish structure on the 1-hour chart, trading near $96.91. The recent rally has produced a clear pattern of higher highs and higher lows, indicating that buying momentum remains strong.
The short-term moving averages continue to support the bullish outlook. While momentum has eased slightly following the latest pullback, Brent remains above the 20-period moving average and well above earlier breakout levels.
The immediate resistance is located near $98.32, followed by the $99.30 region. A sustained break above these levels could strengthen bullish momentum and bring the $100 psychological level into focus.
On the downside, the $96.45-$96.50 area provides initial support, while $95.50 represents a more important level for maintaining the broader bullish structure. A break below this area could increase the likelihood of a deeper correction, potentially bringing the $92.40 region into focus.
For now, the overall trend remains bullish as long as Brent holds above $95.50, although traders should remain alert to potential consolidation following the recent rally.
Key Brent Levels
| Resistance | $99.24 | $100.46 | $101.77 |
| Support | $97.20 | $96.20 | $94.51 |
S&P 500 Technical Analysis
The S&P 500 remains under short-term bearish pressure after failing to maintain momentum above the 7,700 level. The index is currently trading around 7,631 and continues to extend its recent correction.
Price remains below the 5-period, 10-period and 20-period moving averages, reinforcing the current bearish structure and suggesting that sellers remain in control of short-term momentum.
The immediate resistance zone is located around 7,640-7,645, followed by 7,652 and the key psychological level at 7,700.
On the downside, 7,620 remains an important support level. A sustained break below this area could expose the index to further losses toward 7,600 and potentially lower levels.
Overall, the short-term outlook remains bearish while the S&P 500 trades below the 7,645-7,650 resistance zone. A sustained recovery above this area could improve the technical picture and bring 7,700 back into focus. However, a break below 7,620 would strengthen bearish momentum.
Key S&P 500 Levels
| Resistance | 7,640 | 7,657 | 7,671 |
| Support | 7,610 | 7,590 | 7,567 |
Market Outlook
Markets remain sensitive to movements in the US dollar, Treasury yields and expectations surrounding future Federal Reserve policy.
Gold continues to face pressure as higher rate expectations support the dollar and reduce demand for non-yielding assets. At the same time, Brent crude remains supported by strong buying momentum and geopolitical concerns surrounding global energy supplies.
US equities remain vulnerable in the short term, with the S&P 500 needing to reclaim key resistance levels to stabilise its recent correction.
Traders will continue to watch economic data, central bank signals and geopolitical developments, which could drive further volatility across commodities, currencies and global equity markets.
