Daily Technical Analysis: Gold rebounds above $4,100 forming a double bottom

Gold Technical Analysis

Gold is trading around $4,150, recovering sharply after falling to a recent low of $4,073. The chart shows a significant sell-off on October 14, followed by a strong rebound that carried prices back above $4,140. The latest price action suggests that buyers have returned after the steep decline, although the broader short-term trend still requires confirmation.

The moving averages are showing signs of improvement.

Immediate support is located around $4,143, followed by $4,117. A break below $4,117 would weaken the recovery, while a move below $4,100 could expose the recent low around $4,073.

On the upside, initial resistance is located around $4,162–$4,172, followed by $4,185 and the previous swing high near $4,214. A sustained break above $4,172 would strengthen the bullish recovery, while a move above $4,185 would provide further confirmation that buyers are regaining control.

Outlook is cautiously bullish in the short term, but still vulnerable to renewed selling. The rebound above the moving averages is encouraging, yet gold needs to break through $4,162–$4,172 to establish stronger upward momentum.

Gold 1H Chart

Source: STARTRADER app | Gold recovers from yesterday’s losses to trade above $4,100 again

Brent Technical Analysis

Brent crude is trading around $106.46, following a sharp sell-off from the $108 area. The moving averages confirm a bearish shift. Price is trading below the three moving averages MA(5), MA(10), and MA(20). All three averages are positioned above the current price, with the MA20 remaining considerably higher. This configuration signals strong downside momentum and suggests that sellers remain in control.

Immediate support is located around $106.12–$106.45. A decisive break below $106.12 could expose the next support zone around $105.43.

On the upside, initial resistance is located around $106.77–$107.03, followed by $107.92. A recovery above $107.03 would indicate that selling pressure is beginning to ease, while a move above $107.92 would be required to significantly improve the short-term outlook.

Outlook is overall bearish. The breakdown below the $108 area suggests that the previous recovery has lost momentum. Unless Brent quickly reclaims $107.03, the risk of further downside toward $105.43 remains elevated.

Brent 1H Chart

Source: STARTRADER app | Oil prices ease as Trump floats the idea of lifting sanctions on Russian oil

S&P 500 Technical Analysis

The S&P 500 is trading around 7,700, falling sharply after failing to sustain its recovery toward the 7,845 resistance level.

The moving averages confirm strong bearish momentum. The price is trading below the three moving averages MA(5), MA(10), and MA(20).

Immediate support is located around 7,688, the recent low. A sustained break below this level could expose the 7,673 area, followed by further downside if selling accelerates.

On the upside, initial resistance is located around 7,700–7,720, followed by 7,766. A recovery above 7,720 would suggest that selling pressure is easing, while a sustained move above 7,766 would be needed to improve the short-term technical outlook meaningfully.

Outlook is overall bearish. The sharp breakdown and price positioning below the moving averages favor further downside risks. However, the steep decline also raises the possibility of a short-term technical rebound. A sustained recovery above 7,720 would provide the first indication of stabilization.

S&P 500 1H Chart

Source: STARTRADER app | Global equities under pressure following hot inflation reading from the US

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