XAUUSD Technical Analysis

Expect the price to consolidate further in S-T before the trading volume returns from the holiday. 1-hour chart – Gold prices reached a recent high of 2088 in early trading last Thu. However, it failed to hold above 2080. After the price escaped from the uptrend channel(1) at the end of last week, gold formed an S-T downward channel(2) in the past 48 trading hours. The price has departed from the downward trend (2) early in the Asian session today, indicating an S-T rebound. After touching

27Dec

Gold trend 28/12

2023-12-27 @ 11:49

27Dec

Gold trend 28/12

2023-12-27 @ 10:49

Gold cleared the key resistance level of 2050(1) last Friday, triggering a new round of buying and retesting the high @ 2070. However, the price quickly retreated before the market closed. The session ended at 2052, above the key level of 2050 before the holiday weekend. 1-hour chart – After breaking through the level of 2050(1) last week, the upward trend in gold has accelerated, transitioning from a relatively stable upward channel(2) to a faster pace in (2.1). In order for gold to susta

18Dec

Gold trend 18/12

2023-12-18 @ 12:25

18Dec

Gold trend 18/12

2023-12-18 @ 11:25

After the Fed. Meeting last week, gold climbed above 2000, while the market refocused on an early rate cut next year. Powell’s dovish comments further tuned the market’s sentiments; the latest CME FedWatch tools indicate that there is currently a close to 70% chance of a 1/4 basis point rate cut next March, while there is almost 95% chance of a 1/4 basis point rate cut in May next year. On the day of the Fed meeting, gold prices rose nearly $50(1), and technically, it is currently ne