Gold is currently stuck in Sideways range
The 4-hour gold chart shows a consolidating price around 2600-2,630 area, following a downtrend and a slight recovery attempt. Key support lies at 2,600 as a psychological level, with resistance around 2,650 for a breakout confirmation. For intraday trades, the bias is neutral, Swing traders should wait for a breakout above 2,650 for a move toward 2,700+ or a breakdown below 2,600 for a drop toward 2,550.
The market appears indecisive, so focus on quick trades until a clear direction emerges.
On daily TF The chart is in a clear uptrend , with higher highs and higher lows. the price finding support around the 2,600 level: This suggests the market is in a retracement phase, potentially gearing up for the next big move and we need to wait for potential buying opportunity soon within 1-2 weeks in January after confirmations.
The market appears indecisive, so focus on quick trades until a clear direction emerges.
On daily TF The chart is in a clear uptrend , with higher highs and higher lows. the price finding support around the 2,600 level: This suggests the market is in a retracement phase, potentially gearing up for the next big move and we need to wait for potential buying opportunity soon within 1-2 weeks in January after confirmations.
Note
Still in rangeNote
Price breaking out from consolidation on a low volume day , to confirm this breakout better wait for confirmation on day close
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.