XAUUSD
Over the past week, spot gold prices (XAU/USD) have shown little significant movement, continuing to trade sideways within the narrow range of 2613 to 2656. Market sentiment has weakened following U.S. President Donald Trump's threats to impose tariffs on certain countries. Despite the Nonfarm Payrolls report bolstering the U.S. dollar, investor sentiment remains cautious, with focus shifting to the Federal Reserve's potential interest rate cut on December 19. Interestingly, the dollar's upward momentum mirrors gold's movements, reflecting a unique dynamic in the current market environment.
Technical Analysis
On the H4 timeframe, gold prices remain trapped in a sideways channel. The EMA 34 and EMA 89 lines are moving in parallel and remain close together, indicating that the price is likely to continue ranging within this zone in the short term. This week, the release of the Consumer Price Index (CPI) report is a critical event that could act as a catalyst for breaking out of this sideways pattern. If the price breaks out, gold could either rally or fall further to key support levels at 2593-2595 and potentially deeper to 2540-2545.
Key Levels to Watch
BUY : 2610 - 2615 ; 2592 - 2594
SELL: 2660 - 2665 ; 2680 - 2685
Specific Trade Strategy
XAU/USD SELL Zone: 2654 - 2656
Stop Loss (SL): 2659
Take Profit (TP): 2652 - 2649
Given the current sideways trend, it is advisable to wait patiently for prices to reach clearly defined support or resistance zones to maximize the risk-reward ratio. Additionally, closely monitoring this week’s CPI release will help refine strategies as the market reacts to new data.
Wishing everyone a productive and successful trading day!
Technical Analysis
On the H4 timeframe, gold prices remain trapped in a sideways channel. The EMA 34 and EMA 89 lines are moving in parallel and remain close together, indicating that the price is likely to continue ranging within this zone in the short term. This week, the release of the Consumer Price Index (CPI) report is a critical event that could act as a catalyst for breaking out of this sideways pattern. If the price breaks out, gold could either rally or fall further to key support levels at 2593-2595 and potentially deeper to 2540-2545.
Key Levels to Watch
BUY : 2610 - 2615 ; 2592 - 2594
SELL: 2660 - 2665 ; 2680 - 2685
Specific Trade Strategy
XAU/USD SELL Zone: 2654 - 2656
Stop Loss (SL): 2659
Take Profit (TP): 2652 - 2649
Given the current sideways trend, it is advisable to wait patiently for prices to reach clearly defined support or resistance zones to maximize the risk-reward ratio. Additionally, closely monitoring this week’s CPI release will help refine strategies as the market reacts to new data.
Wishing everyone a productive and successful trading day!
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