Published: 9 March 2026,06:10
Chart The Market
XAUUSD, H4:
Gold prices have encountered significant selling pressure below the $5,200 level, with the metal facing multiple rejections at this threshold in recent sessions. While the upside has been firmly capped, gold has demonstrated resilience by holding above its previous low near $5,050, creating a defined trading range that reflects a market in equilibrium with neither bulls nor able to establish decisive control.
This range-bound behavior suggests the market is awaiting a catalyst to determine its next directional move. The $5,200 level has emerged as formidable resistance, representing a zone where sellers have consistently emerged to cap advances. Meanwhile, support near $5,050 has proven durable, attracting buyers on each test and preventing a deeper correction.
Momentum indicators align with this interpretation of market indecision. The Relative Strength Index is hovering near the 50-midpoint, reflecting an absence of conviction from either buyers or sellers. The Moving Average Convergence Divergence has formed a golden cross below the zero line, which typically suggests building bullish momentum, but the placement underneath zero indicates that positive momentum is nascent and has yet to assert dominance.
Resistance Levels: 5156.75, 5336.25
Support Levels: 5031.75, 4906.20
EURUSD, H4
The EURUSD pair has broken decisively below its recent price consolidation range, confirming an extension of the prevailing bearish trend. The move follows a period of range-bound trading that had offered temporary support, but sellers have now reasserted control, driving the pair to its lowest level since last December.
Price action has also breached the critical 61.8% Fibonacci retracement level at 1.1650, a threshold widely monitored as the demarcation between a corrective pullback and a full trend reversal . A sustained break below this zone opens a path toward the next support target at 1.1465, a level identified by multiple analysts as the near-term downside objective.
Momentum indicators strongly support the bearish view. The Relative Strength Index is hovering near oversold territory at approximately 42.1, reflecting sustained selling pressure with room for further downside before reaching the 30 level that would signal exhaustion. The Moving Average Convergence Divergence continues to edge lower below its zero line following a bearish crossover in late February, confirming that negative momentum remains structurally dominant .
Resistance Levels: 1.1583, 1.1713
Support Levels: 1.1465, 1.1340
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