Metals
Gold Technical Analysis
Gold continues its strong uptrend as price is consistently forming higher highs and higher lows, reaching a new all-time today above $4,200 per ounce.
The short-term moving average MA(5) is above the medium-term moving average MA(10) on the hourly chart, and both are trending upwards and are positioned below the candlesticks. This confirms the strong bullish momentum. The price is well-supported by the MAs.
The MACD line is above the Signal line, and both are above the zero line. Price action strongly supports the continuation of the current uptrend, with possible correction to the dynamic support levels represented by the three moving averages seen on the chart.
Gold (XAUUSD) 1H Chart
| Resistance | $4,225 | $4,250 | $4,275 |
| Support | $4,173 | $4,153 | $4,133 |
Oil Technical Analysis
Oil has been consistently making lower highs and lower lows since, which confirms a strong bearish structure. Brent is currently trading at $62.00
The short-term moving average MA(5) is below the medium-term MA(10) and both are sloping downwards and positioned above the candlesticks. Price action shows a classic signal of a strong and sustained bearish momentum with moving averages acting as dynamic resistance.
MACD shows that while the long-term trend is down, sellers are taking a momentary break, possibly for a retracement before the next leg down.
Brent 1H Chart
| Resistance | $62.41 | $62.83 | $63.38 |
| Support | $61.78 | $62.51 | $61.30 |
S&P500 Technical Analysis
The hourly chart of S&P500 indicates significant volatility following a sharp reversal, with the price attempting to consolidate.
Moving averages MA(5), MA(10), and MA(30) are flat and intertwined with the price action, which signals a lack of strong directional momentum and a potential consolidation or ranging phase.
The MACD line and signal line have moved up sharply from below the zero line and are currently hovering just above the zero line and are relatively flat.
The index is currently in a consolidation phase following a significant drop. The immediate bias is neutral as it tries to reclaim higher ground. Breakouts above the recent high or a retest of the low would be key signals.
S&P500 1H Chart
| Resistance | 6,715 | 6,754 | 6,787 |
| Support | 6,643 | 6,611 | 6,553 |
