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Gold Rally Shows Signs Of Cooling As Sellers Reappear

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Aayush Jindal

Key Highlights

  • Gold started a fresh surge above the $4,500 resistance.
  • A key bullish trend line is forming with support at $4,465 on the 4-hour chart.
  • WTI Crude Oil failed to surpass $88.50 and corrected some gains.
  • Bitcoin extended gains above $80,000 before it faced some resistance.

Gold Price Technical Analysis

Gold found bids near $4,300 and $4,320 against the US Dollar. The price started a decent increase after there was a close above $4,450.

The 4-hour chart of XAU/USD indicates that the price settled above the $4,500 pivot level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). The bulls pumped the price toward $4,700.

A high was formed at $4,696 before there was a minor pullback. If there is a downside correction, the price could test the $4,510 support or the 50% Fib retracement level of the upward move from the $4,324 swing low to the $4,696 high.

The first major support sits at $4,465. There is also a key bullish trend line forming with support at $4,465. The next support could be $4,420, below which the price might slide to $4,350 and the 100 Simple Moving Average (red, 4 hours).

The main support sits at $4,220. Any more losses might call for a test of $4,050 or even $4,020 in the coming days. On the upside, immediate resistance could be $4,680. The next major resistance might be $4,700.

A clear move above $4,700 could open the door for more upside. In the stated case, the bulls could aim for a move toward $4,780 or even $4,800. Any more gains might send the price toward the $4,910 level.

Looking at WTI Crude Oil, the price struggled to stay above $88.00 and saw a corrective wave below the $85.00 support.

Economic Releases to Watch Today

  • US Durable Goods Orders for July 2026 – Forecast +0.7% versus +0.5% previous.
  • US Personal Income for July 2026 (MoM) - Forecast +0.3%, versus +0.2% previous.
  • US Core Personal Consumption Expenditure for July 2026 (MoM) - Forecast +0.2%, versus +0.1% previous.
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