XAU/USD

Gold continued to trend higher on Friday and hit new all-time highs, being the top performer in the market for the second consecutive day and on track for a weekly gain of around 3.3%.

Fresh acceleration higher was sparked by almost certain Fed rate cut next week, with renewed rise in expectations for more aggressive 50 basis points cut, adding to strong bullish sentiment.

Bullish technical studies contribute to favorable fundamentals, with psychological $2600 barrier coming in focus.

Meanwhile, the price may ease on profit taking as many traders prefer to close their positions at the end of the week, with overbought conditions on daily and weekly chart supporting the notion.

Dips should be shallow, as the price gained strong positive momentum and near-term sentiment is very bullish and should provide better levels to re-enter bullish market.

Session low ($2556) marks initial support, with former consolidation range ceiling ($2531) now acting as solid support, expected to contain corrective dips and guard lower pivots at $2500/$2480.

Weekly close above $2531 to confirm signal of continuation of larger uptrend.

Res: 2591; 2600; 2614; 2628.
Sup: 2556; 2531; 2528; 2517.

Chart

Interested in XAU/USD technicals? Check out the key levels

    1. R3 2624.59
    2. R2 2592.37
    3. R1 2575.57
  1. PP 2543.35
    1. S1 2526.55
    2. S2 2494.33
    3. S3 2477.53

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays near 1.0400 in thin holiday trading

EUR/USD stays near 1.0400 in thin holiday trading

EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.

EUR/USD News
GBP/USD struggles to find direction, holds steady near 1.2550

GBP/USD struggles to find direction, holds steady near 1.2550

GBP/USD consolidates in a range at around 1.2550 on Tuesday after closing in negative territory on Monday. The US Dollar preserves its strength and makes it difficult for the pair to gain traction as trading conditions thin out on Christmas Eve.

GBP/USD News
Gold holds above $2,600, bulls non-committed on hawkish Fed outlook

Gold holds above $2,600, bulls non-committed on hawkish Fed outlook

Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.

Gold News
IRS says crypto staking should be taxed in response to lawsuit

IRS says crypto staking should be taxed in response to lawsuit

In a filing on Monday, the US International Revenue Service stated that the rewards gotten from staking cryptocurrencies should be taxed, responding to a lawsuit from couple Joshua and Jessica Jarrett.

Read more
2025 outlook: What is next for developed economies and currencies?

2025 outlook: What is next for developed economies and currencies?

As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Majors

Cryptocurrencies

Signatures