Daily Price Outlook

- Gold's modest gain positions it near crucial resistance, with a triple top pattern at $2,036.

- RSI and MACD indicators suggest bullish sentiment, though approaching critical thresholds.

- Market eyes are on a potential breakout or reversal at key resistance, shaping the short-term outlook for Gold.

In the intricate tapestry of the financial markets, Gold (XAU/USD) presents a nuanced picture on December 15. The precious metal shows a slight increase of 0.02%, reaching $2,036, hovering around critical technical levels. With a pivot point established at $1,897, Gold finds itself at a crossroads between potential resistance and support levels that could dictate its short-term trajectory.

The immediate resistance is set at $1,953, followed by more formidable barriers at $2,049 and $2,105. Conversely, support levels are identified at $1,799, $1,695, and $1,599, which may offer a cushion against potential downturns. The Relative Strength Index (RSI) stands at 66, signaling a bullish sentiment that is not yet in the overbought territory. The MACD, at 5.231, trails its signal line at 8.80, indicating a potential slowdown in upward momentum.

Gold's price hovers above the 50-Day Exponential Moving Average (EMA) of $2,028, underlining a short-term bullish trend. However, the formation of a triple top pattern around the $2,036 mark suggests a formidable resistance. A breakout above this level could pave the way for further ascents, while failure to breach could lead to a reversal.

The overall trend for Gold appears to be bearish below the $2,036 threshold. In the short term, the market is likely to test the resistance levels in the coming days, keeping investors and traders alert to the possibility of both bullish continuations and bearish reversals.

GOLD Price Chart – Source: Tradingview
GOLD Price Chart – Source: Tradingview

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Limit 2040

Take Profit – 2020

Stop Loss – 2055

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2000/ -$1500

Profit & Loss Per Mini Lot = +$200/ -$150



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