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Today Technical Analysis: Dow Jones drops nearly 1% after briefly touching 53,300 level

July 8, 2026, 09:17

Gold Technical Analysis

Gold is attempting to stabilize after its recent correction. Following the decline toward the $4,095 area, buyers have stepped back into the market, allowing price to recover toward the $4,125 region. The 5-period moving average has crossed back above the 10-period MA, while both remain close to the 20-period MA, suggesting that bearish momentum has weakened and the market is transitioning into a consolidation phase.

The recovery from recent lows has produced higher lows, indicating that buying interest is gradually returning. However, price continues to trade below the major resistance at $4,153 and remains well below the previous swing high at $4,202, meaning buyers still need additional confirmation before a full bullish reversal can be established.

Gold has shifted to a neutral-to-slightly bullish short-term outlook after successfully defending support around $4,095. A break above $4,153 would strengthen bullish momentum and open the door for a move toward $4,203. On the downside, failure to hold above $4,110 could see the metal revisit the $4,095–$4,080 support zone before buyers attempt another recovery.

Gold 1H Chart

Resistance$4,134$4,169$4,200
Support$4,055$4,029$3,985

Brent Technical Analysis

Brent crude remains in a strong bullish trend, extending its recent breakout with price climbing to a new swing high at $76.55. The moving averages are in a strong bullish alignment, with the 5-period MA above the 10-period MA and both comfortably above the rising 20-period MA, confirming sustained buying momentum.

The trend remains firmly positive with no signs of a meaningful reversal.

After breaking above the previous resistance around $73.20, buyers maintained control, producing a steady sequence of higher highs and higher lows. Although price is beginning to approach overextended conditions after the rapid rally, the latest candles continue to hold near session highs, indicating that bullish momentum remains intact.

The technical outlook remains bullish while Brent holds above $76.00. A sustained breakout above $76.55 could extend the rally toward $77.00 and $77.50. However, after such a strong advance, short-term profit-taking cannot be ruled out, with the first meaningful support located around $75.20.

Brent 1H Chart

Resistance$79.63$81.17$82.00
Support$75.32$74.40$73.46

Dow Jones Technical Analysis

The Dow Jones has entered a short-term corrective phase after reaching a fresh swing high at 53,415. Following the rejection from this resistance level, the index experienced a sharp pullback before stabilizing around the 52,850–52,900 area. Price is now trading slightly below the 20-period moving average, while the 5- and 10-period moving averages have crossed beneath the 20 MA, indicating weakening short-term momentum.

Despite the recent decline, the broader market structure remains constructive as long as the index holds above the previous breakout zone.

The short-term outlook remains neutral to slightly bearish while price trades below 53,000. A recovery above this level would improve momentum and expose 53,150 followed by a retest of 53,416. Conversely, a break below 52,850 could accelerate selling toward 52,775 and potentially 52,600, although the broader bullish trend remains intact above those levels.

Dow Jones 1H Chart

Resistance52,63552,98653,146
Support52,21952,00051,800

Risk Disclaimer: This material is provided for informational purposes only and does not constitute a recommendation or investment advice. Trading financial instruments on margin involves substantial risk and may not be appropriate for all investors.

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