Gold: Maintaining Downward Momentum

3 gru 2024

Gold Technical Analysis

The price recently tested resistance at 2651 before retreating.

Today, the price is expected to consolidate within the range of 2647 to 2638, showing bearish momentum. For the bullish trend to resume, the price must stabilize above 2647 by closing 4h candle above it, targeting 2661 as the next resistance. Conversely, as long as the price trades below 2647 and 2638, the trend is likely to remain bearish, with potential declines toward 2623 and 2612.


Key Levels:
Pivot Point: 2647
Resistance Levels: 2661, 2678, 2706
Support Levels: 2625, 2612, 2585

Trend Outlook
Uptrend: Bullish momentum is expected if the price holds above 2649.
Bearish Momentum: Dominant as long as the price remains below 2647.

3 gru 2024

Zlecenie aktywne

The upper boundary of the descending channel has exerted downward pressure on the price. A confirmed close of a 4H candle below 2647 would likely indicate a further decline.

4 gru 2024

Transakcja zamknięta: osiągnięto wyznaczony cel

Gold
Update

Gold edged higher on Wednesday following data indicating that U.S. private payrolls increased at a moderate pace last month. Meanwhile, investors assessed remarks made by Federal Reserve Chair Jerome Powell and anticipated the release of Friday's non-farm payrolls report.