Gold XAUUSD Remains Suppressed Beneath Resistance Zone

Market Analysis – December 27

The gold market entered a bearish phase in November after breaking a supporting trendline on the daily chart. Despite efforts by buyers to regain control, they have consistently faced resistance at the critical level of 2715.0, resulting in the formation of a triple top pattern.

Gold Key Levels

Supply Levels: 2715.0, 2790.0, 3000.0
Demand Levels: 2600.0, 2531.0, 2431.0

Gold Long-Term Trend: Ranging

The gold market transitioned into a bullish trend after surpassing the significant level of 2431.0. A bullish trendline supported the ascent, allowing prices to reach 2790.0. However, the emergence of a head and shoulders pattern triggered a sharp decline, breaking the bullish trendline and reversing the trend.

Since the trendline break, the market has formed three distinct swing highs at the resistance level of 2715.0. Buyers have repeatedly attempted to regain control but have been unable to sustain momentum. The Awesome Oscillator reflects sellers’ dominance, indicating continued pressure in the market.

Gold Short-Term Trend: Ranging

On the lower time frame, the market remains in a downward trend, primarily influenced by resistance at the 2715.0 level. The price is currently oscillating within a range defined by the 2715.0 resistance level and the 2600.0 support level. A breakout at either boundary could provide valuable insight into the market’s next direction, with forex signals hinting at possible shifts in momentum.

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