Gold Technical Analysis: Can the Uptrend Resume from Key Support Levels?

From a technical perspective, on the four-hour timeframe, remains in a corrective pullback within its broader bullish trend after failing to hold above the $4,140–$4,160 resistance zone. The metal encountered a descending trendline and a key moving average, both of which acted as strong dynamic resistance and triggered renewed selling pressure.

The chart also indicates the completion of a harmonic pattern near the recent peak, followed by a wave of profit-taking. Meanwhile, weakening momentum suggests that the market is approaching oversold conditions, increasing the likelihood of a technical rebound if prices can maintain stability above the current support levels.
   
In my view, the $4,035–$4,040 zone represents the key support area for the current move, as it aligns with the base of the most recent consolidation before the previous bullish breakout. If gold manages to hold above this region while confirming bullish reversal signals, buyers could gradually regain control, targeting $4,095 as the first resistance level, followed by a retest of the major resistance around $4,120.

A decisive breakout and close above this barrier would confirm the resumption of the broader uptrend and open the door for a rally toward the $4,200 area in the sessions ahead.

Alternatively, if gold fails to defend the $4,035 support level and closes below it, the current correction could extend toward the $3,960 region, which represents a significant technical support level and a previous swing low likely to attract renewed buying interest.

Therefore, gold’s near-term direction will largely depend on its ability to maintain these key support levels. As long as prices remain above them, the technical outlook stays cautiously bullish over the short to medium term. However, a break below support would likely deepen the corrective phase before the broader bullish trend has an opportunity to resume.

Support: $4,035 – $3,960 – $3,901.
Resistance: $4,095 – $4,120 – $4,207

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