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Market Analysis – December 7
Gold (XAUUSD) faces potential sell pressure as buyers struggle to push beyond the significant level of 2052.690. In the past few weeks, buyers have been making efforts to gain control of market liquidity. The bullish momentum gained traction from the significant level of 1811.630, with the yellow metal responding positively to bullish sentiment.
Gold (XAUUSD) Significant Zones
Resistance Zones: 2052.690, 2008.850
Support Zones: 1901.680, 1858.530
Gold (XAUUSD) Long-Term Trend- Bullish
Gold (XAUUSD) Long-Term Trend- BullishHowever, towards the end of October and into November, the market experienced a sharp drop. This led to sellers pushing the price down to the significant level of 1933.110. Despite this setback, the buyers quickly regained their strength as buying sentiment continued to grow. They have managed to hold their ground in the 2052.690 significant zone, with their momentum showing no signs of waning.
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Currently, the market is still dominated by bullish investors, but there is a possibility of a sell-off in the coming days. This pullback could provide an opportunity for buyers to reenter the market. The Relative Vigor Index (RVI) indicator indicates a progression of bullish impact, although there has been a slight drop in momentum. Traders should anticipate a bearish atmosphere until the buyers are able to make a strong recovery.
Gold (XAUUSD) Short-Term Trend- Bearish
In the short term, there is a chance for the market to recover from the recent bullish supply. The current setup on the short-term timeframe suggests a possibility of short-term bearish pressure.
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