ANALYSIS OF GOLD TREND TODAY, DECEMBER 12, 2024: UP OR DOWN?

11 Ara 2024

Technical Analysis from the Chart:
The price has broken through the previous descending trendline (yellow line) and is now in a recovery trend. Currently, the price is approaching a strong resistance zone at $2,710 - $2,725, an area where selling pressure has been prominent in the past.

Key Levels:
Main Resistance: $2,710 - $2,725 (previous highs and key Fibonacci zone).
Nearby Support: $2,680 (MA200 and Fibonacci 0.618).
Strong Support: $2,650 (previous lows and psychological support level).
Indicators:
RSI: Currently near the overbought zone, signaling a potential price pullback in the short term.
Stochastic: In the overbought zone and showing signs of a possible reversal.
Price Action Pattern:
The price is currently testing a strong resistance zone. If it fails to break through, there is a chance it will correct back to support.

Trading Strategy for XAUUSD in the Current Price Range:
SELL XAUUSD around the $2,720 - $2,721 zone:
Stoploss: $2,726
Take Profit 1: $2,715
Take Profit 2: $2,710
Take Profit 3: $2,700
“If the price breaks above $2,728, look for a sell around $2,749 - $2,750 in a longer-term channel.”

BUY XAUUSD around the $2,679 - $2,680 zone:
Stoploss: $2,674
Take Profit 1: $2,685
Take Profit 2: $2,690
Take Profit 3: $2,700
Note: Always set a stoploss in every trade to ensure safety!
Henrybillion wishes you a successful trading day!

12 Ara 2024

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