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Gold Shows Signs Of Recovery As Momentum Faces A Key Test

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Aayush Jindal

Key Highlights

  • Gold started a recovery wave from the $3,960 region.
  • It surpassed a key bearish trend line with resistance at $4,035 on the 4-hour chart.
  • WTI Crude Oil extended gains and traded above the $83.50 resistance.
  • Bitcoin recovered some losses and climbed above $66,500.

Gold Price Technical Analysis

Gold found bids near $3,960 and $3,965 against the US Dollar. The price started a correction wave and climbed above the $4,000 resistance.

The 4-hour chart of XAU/USD indicates that the price cleared a key bearish trend line with resistance at $4,035. It climbed above the 38.2% Fibonacci retracement level of the downward move from the $4,202 swing high to the $3,959 swing low.

It even tested the 100 Simple Moving Average (red, 4 hours) but stayed well below the 200 Simple Moving Average (green, 4 hours). On the upside, immediate resistance could be $4,085. The next major resistance might be near the 76.4% Fibonacci retracement level at $4,145.

A clear move above $4,145 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,200 or even $4,220. Any more gains might send the price toward the $4,300 level.

If there is a fresh decline, the price could revisit the $4,015 support. The first major support sits at $4,000. The next support could be $3,960, below which the price might slide to $3,940. The main support sits at $3,915. Any more losses might call for a test of $3,880 or even $3,865 in the coming days.

Looking at WTI Crude Oil, the price started a steady increase, and the bulls could even aim for a move toward the $88.00 level.

Economic Releases to Watch Today

  • UK Consumer Price Index for June 2026 (YoY) – Forecast +2.7%, versus +2.8% previous.
  • UK Core Consumer Price Index for June 2026 (YoY) – Forecast +2.5%, versus +2.6% previous.
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