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Gold hovers near $4,000 as traders watch a descending triangle
XAU/USD was last around $4,021, with support near $3,965 and a triangle top near $4,050 in focus.
Gold prices edged higher on Monday, with XAU/USD trading around $4,021 as the US dollar recovery stalled and oil pulled back from recent highs, FXStreet said.
Technical analysis highlighted a descending triangle pattern, with downside attempts supported above the $3,965 area and bearish structure still in place. FXStreet added that the 4-hour RSI has recovered toward neutral and MACD turned positive, suggesting selling momentum may be weakening.
FXStreet noted that gold rallies could remain subdued amid simmering Middle East tensions, while comments from Iran’s Foreign Ministry indicating de-escalation efforts are underway offered some cautious hope.
A break above the triangle resistance near $4,050 would be needed to confirm a trend shift, the outlet said, while falling below year-to-date lows around $3,941 could expose lower levels, including an October 2025 low near $3,886. Further down, it cited the 127.2% Fibonacci extension near $3,830 as the next target.
Latest closeGold $3,981.40 ▼1.6%