ANALYSIS OF GOLD TREND TODAY, DECEMBER 12, 2024: UP OR DOWN?
Technical Analysis from the Chart:
The price has broken through the previous descending trendline (yellow line) and is now in a recovery trend. Currently, the price is approaching a strong resistance zone at $2,710 - $2,725, an area where selling pressure has been prominent in the past.
Key Levels:
Main Resistance: $2,710 - $2,725 (previous highs and key Fibonacci zone).
Nearby Support: $2,680 (MA200 and Fibonacci 0.618).
Strong Support: $2,650 (previous lows and psychological support level).
Indicators:
RSI: Currently near the overbought zone, signaling a potential price pullback in the short term.
Stochastic: In the overbought zone and showing signs of a possible reversal.
Price Action Pattern:
The price is currently testing a strong resistance zone. If it fails to break through, there is a chance it will correct back to support.
Trading Strategy for XAUUSD in the Current Price Range:
SELL XAUUSD around the $2,720 - $2,721 zone:
Stoploss: $2,726
Take Profit 1: $2,715
Take Profit 2: $2,710
Take Profit 3: $2,700
“If the price breaks above $2,728, look for a sell around $2,749 - $2,750 in a longer-term channel.”
BUY XAUUSD around the $2,679 - $2,680 zone:
Stoploss: $2,674
Take Profit 1: $2,685
Take Profit 2: $2,690
Take Profit 3: $2,700
Note: Always set a stoploss in every trade to ensure safety!
Henrybillion wishes you a successful trading day!
The price has broken through the previous descending trendline (yellow line) and is now in a recovery trend. Currently, the price is approaching a strong resistance zone at $2,710 - $2,725, an area where selling pressure has been prominent in the past.
Key Levels:
Main Resistance: $2,710 - $2,725 (previous highs and key Fibonacci zone).
Nearby Support: $2,680 (MA200 and Fibonacci 0.618).
Strong Support: $2,650 (previous lows and psychological support level).
Indicators:
RSI: Currently near the overbought zone, signaling a potential price pullback in the short term.
Stochastic: In the overbought zone and showing signs of a possible reversal.
Price Action Pattern:
The price is currently testing a strong resistance zone. If it fails to break through, there is a chance it will correct back to support.
Trading Strategy for XAUUSD in the Current Price Range:
SELL XAUUSD around the $2,720 - $2,721 zone:
Stoploss: $2,726
Take Profit 1: $2,715
Take Profit 2: $2,710
Take Profit 3: $2,700
“If the price breaks above $2,728, look for a sell around $2,749 - $2,750 in a longer-term channel.”
BUY XAUUSD around the $2,679 - $2,680 zone:
Stoploss: $2,674
Take Profit 1: $2,685
Take Profit 2: $2,690
Take Profit 3: $2,700
Note: Always set a stoploss in every trade to ensure safety!
Henrybillion wishes you a successful trading day!
Trade closed: target reached
RELEASE SELL XAUUSD +200PIP CLOSE PROFITS 🚀🚀🚀according to sell 2721
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
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️🥇 Exchange and learn market knowledge
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t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
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️🥇 Zalo Group: zalo.me/g/hydlwv957
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.