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Market Analysis – December 7th
Gold (XAUUSD) buyers remain confident as they seek breakthroughs. The buyers have shown a strong and confident stance in the market. This was evident in October when sellers lost their motivation to push prices lower.
The buyers demonstrated their strength by breaking through the significant zone at 1858.520, and they maintained their intensity throughout October. Towards the end of the month, however, there was a notable increase in selling pressure, resulting in a dip to the 1933.110 significant zone in November.
Gold Market Zones
Resistance Zones: 2153.170, 2052.700
Support Zones: 1889.850, 1856.070
XAUUSD Long Term: Bullish
Since then, the bullish sentiment has regained momentum, but it has been held back by the resistance at the 2153.700 significant zone. This level has proven to be a significant barrier for buyers in the market for yellow metal. Although there have been quick upward movements, they have been unable to break through this resistance. The buyers are now looking for a solid revival that would allow them to penetrate the 2052.700 significant zone.
The momentum indicator has not shown a strong upward burst following the recent decline, indicating a lack of significant buying pressure. On the other hand, the Parabolic SAR (Stop and Reverse) indicator suggests that sellers are gaining confidence. Nonetheless, the overall market sentiment still favors the buyers.
In the shorter time frame, buyers are currently making an effort to regain control. However, for bullish momentum to build up again, more participation from additional buyers is needed.
XAUUSD Short Term: Trend: Bullish
The buyers have displayed confidence and strength in the market, particularly in October. Despite a temporary setback caused by increased selling pressure, bullish sentiment has regained momentum. The resistance at the 2153.700 significant zone has been a challenge, but buyers are seeking a breakthrough. Traders should closely monitor the market for further contributions from buyers to drive bullish momentum.
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