Gold Technical Analysis: Gold prices are currently facing strong selling pressure in the market. The trend shows that sellers are still dominating, especially as the price stays below important moving averages. This indicates a weak bullish sentiment and a possible continuation of the downward trend in the short term.
On the 4-hour chart, the near-term bias remains bearish as price continues to trade well below the declining 50- and 100-period Simple Moving Averages (SMAs), highlighting persistent selling pressure.
The Relative Strength Index (RSI) at 39 stays below the 50 midline, indicating sellers retain momentum despite a modest recovery from oversold conditions seen earlier in the sequence.
The Moving Average Convergence Divergence (MACD) indicator has turned higher from deeply negative levels, with the MACD line crossing above the signal line and the histogram flipping into positive territory, suggesting bearish momentum is fading but not yet reversing, leaving sellers with an advantage while a corrective bounce unfolds.
On the upside, immediate resistance is seen at the $4,555 zone, with stronger barriers at the 50-day SMA near $4,808 and the 100-day SMA at $4,953, just below the $5,000 mark.
On the downside, $4,300 marks initial support, followed by $4,098, where dip buyers may step in, though a sustained move below this level could open the door for further downside.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
| Follow us on |
| Telegram, Whatsapp , Facebook, Twitter, Instagram, YouTube, Google Business Profile and Truth Social. |