Gold, Technical Analysis – H1

Gold found solid support in the $4,040 zone, which could enable bulls to make another attempt at challenging the descending trendline near $4,100. While a direct breakout is unlikely, this move would serve as a valuable test of real buying and selling pressure, making the scenario particularly interesting.

Key Levels:

□ $4,040 (key support)

□ $4,100 (descending trendline)

□ $4,000 (psychological support)

Primary Scenario:

Rise towards $4,100, followed by a downward reversal.

Alternative Scenario:

Breakdown below the psychological support at $4,000.

Analyst Commentary:

The intraday outlook appears more constructive for bulls, although medium-term forecasts remain uncertain due to the latest wave of escalation in the Middle East.