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Market Analysis – December 21st
Gold (XAUUSD) seeks impulse as bulls struggle for a breakout. Gold has experienced a lack of impulse this week, leaving the market in a state of calmness. It has been relatively quiet, with no major catalysts in sight. The market will likely maintain its calmness for the remainder of the week. Looking back at the previous weekly trade, gold underwent a strong purge.
The market witnessed a shift from a selling to a buying flow just last month. The buyers managed to break through the price zone of 2052.700, signaling a bullish breakthrough. However, the market sentiment quickly turned back in favor of the sellers, resulting in a drop to the 1967.350 price zone. Last week, the bulls made a comeback with a strong engulfing candlestick, breaking through the 2017.090 price level.
Gold (XAUUSD) Key Levels
Resistance Levels: 2052.700, 1967.350
Support Levels: 1870.850, 1809.000
Gold (XAUUSD) Long-Term Trend: Bullish
Currently, the buyers are still trying to regain their momentum, but they are facing challenges due to the low liquidity driving the market. On the daily chart, the yellow metal indicates a potential for bullish growth as the buyers continue to exhibit a willingness to push forward. The 2052.700 price zone may serve as a potential breakout level in the coming weeks as the buyers gather more ground.
The momentum indicator shows a mild and steady price flow. Its flow suggests that the current state lacks sufficient volatility for significant price expansion. However, the Moving Average Convergence and Divergence (MACD) indicator indicates a positive trend. It also hints at the buyers’ positioning in the XAUUSD market.
Gold (XAUUSD) Short-Term Trend: Bullish
At the moment, the buyers are hovering near the significant level of 2052.700. This indicates that buyers need to exhibit more aggression for a breakout to occur. To kickstart 2024 with momentum, the yellow metal will require a steady supply of liquidity flow.
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