ZakopiecFX GOLD XAUUSD TodayXAU/USD Gold Analysis - December 3, 2024
Current Price: Around $2,626-2,630
Intraday Range: $2,606 - $2,656
Technical Analysis
Bearish Signals:
Technical patterns show an Evening Star reversal formation near the resistance level around $2,655, along with a Hanging Man pattern around $2,630, both suggesting a potential price reversal. The MACD indicator has crossed below the signal line and is declining in negative territory, indicating fading bullish momentum. The RSI is also declining around 57, suggesting potential downward movement.
Key Support Levels:
$2,602
$2,557
$2,514
$2,460
$2,406
$2,352
$2,294
$2,220
Key Resistance Levels:
$2,645-$2,650 represents a strong barrier
Further resistance at $2,664-$2,665
$2,677-$2,678
Trading Scenarios
Base Scenario (Bearish):
Short positions below $2,602 with targets at $2,557, $2,514, and lower levels. Stop loss should be placed around $2,630.
Alternative Scenario (Bullish):
Long positions above $2,655 on increased volume, targeting $2,714, $2,774, $2,841, and higher levels. Stop loss around $2,630.
Fundamental Factors
Market Drivers:
Growing expectations of a Federal Reserve interest rate cut in December are supporting gold prices
Markets are pricing in approximately 64% chance of a December Fed rate cut
Geopolitical uncertainties and central bank demand continue supporting the precious metal
Upcoming Events:
Today: November services PMI data
Dec 4: Initial jobless claims
Dec 10: US CPI data and Fed interest rate decision
Market Sentiment
Gold is consolidating near current levels with mixed signals. While technical indicators suggest potential downside pressure in the short term, strong fundamental support from Fed rate cut expectations and safe-haven demand could limit significant declines. The market is showing uncertainty, with key moving averages near current price levels suggesting a decision point is approaching.
Trading Recommendation: Wait for a clear break above $2,655 for bullish continuation or below $2,602 for bearish movement before entering positions. Given the mixed signals, risk management is crucial.
DISCLAIMER: This analysis is for informational purposes only and should not be considered financial advice. Trading in financial instruments involves significant risk, including the potential loss of principal. Past performance does not guarantee future results. Market conditions can change rapidly, and the information provided may not reflect real-time market movements. Always conduct your own research and consider consulting with a qualified financial advisor before making any investment decisions. The author is not a financial advisor and assumes no responsibility for any investment decisions made based on this analysis.
