Gold Holds Support, Oil Extends Breakout, Nasdaq Eyes Fresh Highs

VG Markets · 2026-07-13T01:56:31Z
Gold Holds Support, Oil Extends Breakout, Nasdaq Eyes Fresh Highs

Major assets show clear divergences in early July 13 trading. Gold pulls back sharply after failing to sustain above $4,180, crude oil maintains strong breakout gains amid Middle East tensions, and the Nasdaq consolidates mildly near record highs with limited downside correction.


Gold: Sharp Intraday Retracement, Testing Critical Short-Term Support


Gold （XAUUSD） faced intensified selling pressure in Tuesday’s Asian session, falling nearly 1.2% intraday and breaking below key psychological levels. Prices have slipped from near $4,180 down to the $4,070–$4,080 zone, fully erasing last week’s mild rebound gains.

Technically, the metal failed to break overhead resistance, triggering profit-taking and bearish technical follow-through. Short-term RSI has dipped back toward oversold territory, and the flattening 20-day MA now acts as dynamic resistance. Immediate support lies at $4,050–$4,070; a clean break will open further downside toward $4,000. Near-term resistance is firmly capped at $4,110–$4,120.


Crude Oil: Strong Breakout Momentum Remains Intact


Oil continues leading major asset gains, extending its recent breakout rally. Supported by escalating Middle East geopolitical risks, crude notched a weekly gain above 5.3% and holds steady at elevated levels despite minor intraday retracement.

Price structure remains bullish with consistent higher highs and higher lows. MACD and moving averages maintain upward alignment, confirming intact uptrend. Any shallow pullbacks are purely profit-taking corrections. As long as the $75.00 breakout support zone holds, bulls remain in full control with further upside potential retained.


Nasdaq: Mild Pullback Within Robust Long-Term Uptrend


The Nasdaq trades steady near all-time highs, posting a marginal 0.21% latest session gain. Recent price action shows mild technical cooling rather than trend reversal, with large-cap tech earnings momentum continuing to underpin valuations.


The index remains firmly above key moving averages. Momentum indicators have eased from overbought levels, allowing healthy consolidation. Immediate resistance sits at fresh record highs, while major support holds firm to limit deep corrections. The overall bias remains buy-the-dip favored.