Gold technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Gold is in a strong uptrend on the hourly chart and is currently undergoing a healthy pullback to test a critical support zone. The hourly chart shows a clear and powerful bullish trend, with the price now in a corrective phase after reaching a recent peak near 4,237. This pullback has brought the price down to a powerful support confluence around the 4097.00 - 4100.00 area, which is formed by the classic 61.8% Fibonacci retracement level and the rising 30-period Simple Moving Average.



The Relative Strength Index (RSI) has also pulled back from overbought conditions but remains in bullish territory, confirming the underlying trend is still strong. The most likely scenario is that this support confluence at 4,100 will hold, leading to a bounce and a resumption of the uptrend that would target a retest of the 4237.00 high. However, if sellers push the price decisively below the 4097.00 support, it would signal a deeper correction is underway, with the next major support target at 4055.00.
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