Gold (XAUUSD) Buyers Aim to Finish Stronger This Year

Market Analysis – December 28th 

Gold buyers aim to finish stronger this year. Gold has been maintaining a high tempo, with expectations of finishing the year on a strong note. The bears have loosened their grip and have been unable to put up further resistance.

Over the past week, the buyers have grown stronger in their efforts to breach key levels. The yellow metal has witnessed a back-and-forth battle between traders at various intervals.

Market Key Levels

Resistance Levels: 2147.620, 2063.010
Support Levels: 1925.400, 1809.000

Gold (XAUUSD) Long Term: Bullish 

Since October began, gold has been regaining vital energy after experiencing significant weakness that kept prices lower for an extended period. The buyers started countering the narrative in October, displaying their tenacity just as they did in March when sellers pushed prices down.

From the significant point of 1809.000, the bulls took charge and initiated a price pull. Last week, the buyers successfully broke through the significant level of 2000.000 and are now heading towards the 2100.000 price level.

With the strong resolve displayed this week, the tide will likely remain in favor of the buyers. The RVI (Relative Volatility Index) indicates that the market bulls are showing a stronger resolve for a breakthrough.

Gold (XAUUSD) Short-Term Trend: Bullish 

As we enter the new year, buyers anticipate a move well beyond the 2200.000 price level. The current momentum and determination suggest that the buyers are poised to push gold to new heights. The current situation signals a potential bullish continuation, and buyers are eagerly anticipating further gains in the year ahead.

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