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Published: 4 June 2026,07:37
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XAUUSD, H4:
Gold was unable to break above the key short-term resistance level near $4,590, with repeated rejections from this zone indicating that buying momentum remains insufficient to sustain a stronger recovery. Following the rejection, the latest price action has developed into a lower-high pattern, suggesting that bearish pressure continues to dominate the market.
The formation of lower highs is a notable technical signal, as it reflects weakening demand and reinforces the view that gold remains trapped within a broader bearish structure. As long as the metal continues to post lower highs and fails to overcome key resistance levels, the near-term outlook is likely to remain tilted to the downside.
Attention now shifts to the short-term downtrend resistance line around the $4,480 region. A decisive breakout above this level would be required to invalidate the current bearish setup and signal a potential shift in momentum back in favor of buyers.
Until such a breakout occurs, gold is expected to remain within its prevailing bearish trajectory. Continued weakness below resistance could expose the metal to another test of its previous low near $4,380, where buyers may once again attempt to establish support.
Resistance Levels: 4518.30, 4638.20
Support Levels: 4374.10, 4248.50
SPCX, H4
The derivative instrument linked to SpaceX has been trading within a downtrend since encountering strong resistance below the $204.50 level. The rejection from this key resistance zone triggered a sustained decline, keeping the instrument under bearish pressure over recent sessions.
However, the latest price action suggests that downside momentum may be easing. The instrument appears to have found support near the $186.10 level, where buying interest has emerged and helped stabilize the recent decline. This development raises the possibility that a bullish trend reversal could be forming, particularly if buyers continue to defend this support area.
From a technical perspective, the focus now shifts to the short-term downtrend resistance line. A decisive breakout above this resistance would provide stronger confirmation that the bearish structure has been invalidated and that a trend reversal is underway. Such a move would signal improving market sentiment and could attract additional buying momentum.
Until a breakout occurs, the recovery remains in its early stages and the broader trend cannot yet be considered fully reversed. Nevertheless, the successful defense of the $186.10 support level is an encouraging sign that selling pressure may be fading.
Resistance Levels: 188.50, 196.15
Support Levels: 179.10, 168.25
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