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.
Khuyến khích
Khuyến khích
Khuyến khích
Khuyến khích
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
