Gold Buyers Fights For Breakthrough

Market Analysis – December 14th

Gold has recently shown promise after a period of low volatility. The bears faced some opposition last week, but now the buyers are back in action. The bulls have managed to regain strength and are currently trading around the significant level of 2008.600.

XAUUSD Key Zones

Resistance Zones: 2148.500, 2052.700
Support Zones: 1930.380, 1884.970

Gold (XAUUSD) Long-Term Trend: Bullish 

The week started with the bears attempting to breach the significant level of 1967.390. However, the buyers have recently caused a reversal, forming a long candlestick. Over the past three months, the bulls have been able to maintain a strong position in the market. Despite some setbacks, they have refused to succumb to pressure.

With the current bullish momentum, the buyers are now aiming for a significant level of 2052.700. This indicates that the buyers are becoming stronger after their temporary setback last week. Their renewed determination is likely to result in a breakout.

The RSI (Relative Strength Index) still shows bullish dominance in the market. In terms of the MACD (Moving Average Convergence Divergence), the signal line indicates that the buyers are still in control.

Gold (XAUUSD) Short Term: Bullish

In the short time frame, the buyers are expected to remain unopposed for now. If they can sustain their momentum, it will lead to further breakthroughs in the gold market.

The break through the 2052.700 significant level is almost in sight. The market trend in the lower time frame, therefore, still speaks of bullish action. The MACD (moving average convergence and divergence) is yet to cross the buying gap on the 4-hour chart.

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