Today Technical Analysis: Gold breaks two-month high as it reaches $4,450

Market Snapshot

The latest 1-hour price structures point to three distinct short-term setups. Gold is undergoing a corrective phase within a broader constructive structure; Brent crude retains a bullish bias following its recovery from the early-August low; and the Nasdaq-100 remains constructive but range-bound below the 30,000 psychological level.

Gold

Bias: Short-term bearish correction within a broader bullish structure.

Gold is currently experiencing a short-term pullback after the recent rally, with price action forming a lower high and several consecutive bearish candles. This suggests profit-taking is driving the latest move rather than a confirmed reversal of the broader trend. The 1-hour structure remains relatively constructive while price holds comfortably above the previous consolidation areas around $4,300–$4,330.

The first support zone to monitor is $4,368–$4,350. A decisive break below $4,336 would weaken the current structure and shift attention toward $4,270–$4,300. A deeper correction could then bring $4,225–$4,230 into focus. On the upside, $4,400–$4,410 represents the immediate resistance area, followed by $4,435–$4,450. A sustained break above $4,450 would strengthen the bullish case and potentially signal a move toward fresh highs.

Chart reference: Gold 1H | Source: STARTRADER app — Gold faces resistance following the CPI-driven move above $4,450.

Brent Crude

Bias: Bullish, with near-term pullback risk.

Brent crude maintains a clear short-term bullish structure, trading around $88.91 after a strong recovery from the $79.62 low. The sequence of higher lows and higher highs since the early-August bottom indicates improving buying pressure, while the move above $85.80 confirmed a meaningful shift back in favour of buyers.

The immediate support area is $88.50–$88.90. A sustained move below $88.50 would weaken near-term momentum and could expose $87.50–$87.80. Below that, $85.70–$86.00 becomes the key structural support and the breakout zone from the previous advance. On the upside, Brent needs to reclaim $89.50–$90.00 to re-establish immediate upside momentum. A break above $90.00, followed by a move through $91.08, would strengthen the continuation setup and put $92–$93 in view.

The broader short-term bias remains bullish as long as Brent holds above $87.50–$88.00. The $90.00 and $91.08 levels remain the principal upside checkpoints.

Chart reference: Brent 1H | Source: STARTRADER app — Oil prices remain elevated near the $90 area.

Nasdaq-100

Bias: Neutral-to-bullish.

The Nasdaq-100 remains broadly constructive on the 1-hour timeframe, although price is consolidating beneath key psychological resistance. After recovering from the 29,500 area, the index has continued to test higher levels while pullbacks have remained relatively shallow, suggesting that buyers have yet to relinquish short-term control.

Resistance is concentrated around 29,900–29,915, followed by the major 30,000 psychological level. A sustained 1-hour close above 29,915 would strengthen the upside setup and could open a path toward 30,000 and potentially higher levels. Initial support is located around 29,700–29,750, with stronger structural support around 29,500–29,530. A break below 29,500 would materially weaken the current bullish structure and increase the risk of a deeper retracement toward 29,300 and below.

The overall view remains neutral-to-bullish while the index holds above 29,500–29,600. The key trigger for renewed upside momentum is a confirmed breakout above 29,915.

Chart reference: Nasdaq-100 1H | Source: STARTRADER app — US indices rise following CPI inflation data.

Key Takeaways

1. Gold: Corrective pressure is visible, but the broader hourly structure remains constructive above the $4,300–$4,330 region.
2. Brent: Buyers remain in control above $87.50–$88.00, with $90.00 and $91.08 as the key upside checkpoints.
3. Nasdaq-100: The bias stays neutral-to-bullish above 29,500–29,600, while 29,915 is the critical breakout level.