Gold, Technical Analysis – H1

Gold remains inside a contracting triangle that still offers enough room for one more trading session. Thus, barring any emergency “black swan” events, prices are expected to stay within the 4,030–4,070 range. The longer-term picture looks bearish.

Key Levels:

□ Resistance: 4,070

□ Support: 4,030

□ Key support: 4,000

Primary Scenario:

Continuation of consolidation within the 4,030–4,070 corridor.

Alternative Scenario:

Decline below $4,000.

Analyst Commentary:

Medium-term short positions from the upper boundary of the consolidation may prove promising.