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Gold possible pullbackHello Traders Happy Holidays! Gold started the week with a bullish move and gap up. The next critical resistance is seen at the Fibonacci 23.6% one-week at $1815, which if broken can lead gold to $1820. The previous week’s high at $1825 is the level to beat for gold bulls for further gains before the end of 2022. $1804 offers immediate support to gold buyers. A firm break below would allow commodity sellers to test $1800 and $1797. The next downside level is seen at 200 Daily Moving Average (DMA) at $1782. We are considering selling gold as long as long as it is below $1820 - $1825 supply zone. Slow movement and consolidation are expected due to thin liquidity in the market this week.
PEPPERSTONE:XAUUSDShort
by GOLDPIPSMAKER
4
Gold possible pullbackGold price consolidates recent gains after crossing the key resistances near $1800. The US Dollar rebound would allow Gold to have a pullback. The market awaits the key US Nonfarm Payrolls (NFP) during early Friday. If $1796 support broken another key level is the previous month’s top near $1787. Failure to keep above would open the door to $1750. The previous day’s high is $1805 and above it $1810 can be tested. XAUUSD bulls may target $1815 - $1820 if they manage to break above $1810. We expect a pullback from the resistance area.
PEPPERSTONE:XAUUSDShort
by GOLDPIPSMAKER
1
Gold in consolidationXAUUSD currently in range between $1766 and $1787. Gold has breached the rising trendline support at $1775 on a 4-hour time frame. Bears need a four hourly candlestick close below it. The first support is found at $1768. Failure to defend the support might prompt some technical selling and accelerate the corrective slide towards $1750 and $1730 demand zones. On the upside, buyers need to move above the resistance at $1775 to resume the uptrend toward $1780 and $1787. The fundamental backdrop suggests that a corrective pullback might still be seen as a buying opportunity. Gold should fund buyers near $1770 - $1765 area.
PEPPERSTONE:XAUUSDLong
by GOLDPIPSMAKER
1
XAUUSD D1 IDEAGold hit three week high ending the week at $1680, up by 3%, after the NFP. XAUUSD has been declining for seven months in a row which is caused is by US dollar strength and a tightening Fed. It is not a sign of bull reversal but most probably the latest bounce looks like a retest of the base of it before a further fall. As long as $1617 is holding Gold may consolidate above it. On the upside, $1675 aligns as a key pivot level. The buyers confirm that level as support, Gold may advance towards $1700 figure. On the downside, the 20-day SMA forms the first support at $1650 before $1620 the major support $1600. Please support our work with a like and comment, thank you!
OANDA:XAUUSDShort
by GOLDPIPSMAKER
6