Gold gapped lower into the new week's open and is trading back below the 4000 psych pivot, holding a downtrend that has printed lower highs since the 4103 spike earlier in the window. The Middle East/oil-driven Fed-hike repricing has kept USD firm and bounces sold — the 4000 handle rejected the last recovery attempt near 4018 before price rolled over. RSI(14) sits mid-40s with price beneath both EMAs, in line with the 8-month-low read.
Support: 3,964.18, 3,941.00
Resistance: 4,000.00, 4,018.37, 4,103.04
What it said to watch
Sustained break of 3964 swing low exposes the 3941 ytd low
H1 close back above 4000 psych pivot would ease the bearish structure
High-impact S&P Global PMIs (Fri 24 Jul) and oil/Middle East headlines could shift this read
Gold has bled lower off Tuesday's 4103 spike high, printing successive lower highs and settling at 8-month lows near 3992 with price back under both EMA20 and EMA50. The 4000 psychological pivot has capped every attempt since the reversal, and RSI(14) is stuck below 50 — the Middle East/oil-driven USD bid has kept sellers in control. Repeated failures beneath 4000 leave the wk low at 3959.7 and the YTD low at 3941 as the reference points on the downside.
Support: 3,959.70, 3,941.00
Resistance: 4,000.00
What it said to watch
Sustained H1 close back above 4000 psych pivot would neutralise the lower-high structure
Break below 3959.7 wk low exposes the 3941 ytd low
High-impact S&P Global PMIs (Fri 24 Jul) could materially shift this read
Oil / Iran headlines remain the dominant intraweek catalyst for USD and gold
22:03 UTC
Recovering off week lows, momentum turning up · RSI 56 · price 4,018.37
Higher lows since Friday's 3959 base, reclaiming 4000.
Gold spiked to 4103 mid-week on the soft PPI print before the oil-driven Fed-hike narrative dragged it to an 8-month low near 3959. Since Friday's session, price has carved higher lows and reclaimed the 4000 psych pivot, now testing the 4023 day high with RSI(14) back above 50. Both EMAs sit below price after the recovery, but the broader weekly slide keeps 4000 the pivot in focus.
Support: 4,000.00
Resistance: 4,023.00, 4,062.00
What it said to watch
H1 close above 4023 opens the path toward 4062
Failure to hold 4000 reopens the week low at 3959
S&P Global PMIs (Fri 24 Jul) and oil/Middle East headlines could shift this read
Week high rolled over to 3959 low, basing back above 4000.
Gold spiked to 4103 midweek then rolled into a steady downtrend of lower highs into a 3959 week low, on the oil-driven inflation and firmer-USD backdrop. Buyers stepped in twice around 3960 and price has since reclaimed the 4000 pivot, now stalling near 4018 at the 38.2% retrace of the week's decline. RSI(14) has cycled back above 50 as price holds over EMA20.
Support: 4,000.00, 3,993.00, 3,959.00
Resistance: 4,021.00, 4,043.00
What it said to watch
H1 close back below 3993 weekly open re-exposes the 3959 week low
Hold above 4021 session high opens the path to 4043
S&P Global PMIs (Fri 24 Jul) could materially shift this read
Oil / Middle East headlines remain the dominant intraweek catalyst