Gold exhibited little movement at the start of European trading on Friday (December 20, 2024), resulting in no significant technical level changes to note.
On the 1-hour chart, Gold is observed trading below a Trendline established since December 12. As long as it remains under this Trendline, there is potential for further declines in Gold prices.
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The $2,620 per troy ounce mark has emerged as a strong resistance point. Historically, this range has acted as a support level that previously halted Gold’s downward movements. Following a breach on Wednesday, Gold has yet to reclaim this level, solidifying it as a strong ‘support become resistance’ zone.
The Stochastic indicator is currently trending downward after hitting the overbought region, indicating a greater likelihood of price reduction.
On the 15-minute chart, the Stochastic indicates an upward movement, entering the overbought territory. If Gold rises within this timeframe, it will present a favorable selling opportunity with an improved risk-reward ratio. When the Stochastic remains in the overbought region for an extended period, there is a potential for a downward price reversal, aligning with the continuing downtrend observed on the 1-hour timeframe.
While Gold stays below $2,620, it may decline towards the $2,588 range. A breach of this level could push Gold down to $2,580.
Technical Reference: sell while below $2,620
Potential Take Profit 1: $2,588
Potential Take Profit 2: $2,580
Potential Stop Loss 1: $2,620
Potential Stop Loss 2: $2,629
