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Today Technical Analysis: Gold nears the $4,900 level as the Dollar Index falls below 98.00

April 16, 2026, 07:40

Gold nears the $4,900 level as the Dollar Index falls below 98.00

Nasdaq 100 Technical Analysis

Nasdaq is continuing its aggressive bullish trend for the 11th consecutive day reaching a new record high. Price is trading firmly above the three moving averages MA5, MA10, and MA20, with all these averages positively aligned. The structure shows higher highs, higher lows, and steady momentum, confirming persistent buying pressure.

Resistance is now at 26,350–26,475. A break above this zone could open the door for another upside leg as trend followers remain in control. Support is seen at 26,220, then 26,075, where the MA10 and MA20 may offer dynamic support on pullbacks. Unless price loses those zones decisively, the trend remains clearly bullish.

Nasdaq 100 1H Chart

Nasdaq 100 1H Chart
Resistance26,35026,47526,550
Support26,25626,17226,082

Gold Technical Analysis

Gold remains constructive on the 1-hour timeframe, but momentum has slowed after failing to sustain gains above the $4,871 swing high. Price is currently trading around the moving average cluster, with MA5, MA10, and MA20 tightly compressed. This usually reflects consolidation and indecision after a strong prior advance. Importantly, price is still holding above the higher low zone near $4,790, which keeps the broader short-term bullish structure intact.

The immediate resistance area stands at $4,838–$4,871. A clean breakout above this zone would likely restart upside momentum and expose fresh highs. On the downside, first support is located at $4,810–$4.790, followed by stronger support near $4,765. If buyers defend those levels, the current pause may simply be a continuation pattern. Overall bias is neutral-to-bullish while above $4,790, but the market needs a breakout for stronger directional conviction.

Gold 1H Chart

Resistance$4,838$4,863$4,900
Support$4,811$4,786$4,757

Brent Technical Analysis

Brent crude remains under pressure despite stabilizing near recent lows. After falling sharply from the $104.29 high to $95.37, price has entered a narrow sideways range around $96.20. The moving averages are flat to slightly bearish, and price continues to trade below the moving average MA20, suggesting the rebound lacks strong conviction.

Immediate resistance is located at $96.60–$97.20. A move above this zone could trigger a short-term recovery toward $98.00. However, if price fails to break higher, the market may revisit $95.37, with further downside risk below that level. Overall bias remains bearish-to-neutral until Brent can reclaim higher resistance levels and build stronger momentum.

Brent 1H Chart

Brent 1H Chart 16-04-2026
Resistance$96.60$97.80$99.50
Support$95.37$94.28$93.36

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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