Last Technical Analysis for this year on Gold (XAUUSD) Market by Guriforex:
Gold (XAUUSD) has been trading within a well-defined descending channel over the past few sessions. This pattern signifies a bearish phase, with prices repeatedly finding resistance at the upper boundary and support near the lower boundary. However, recent price action suggests a potential bullish breakout, giving traders reason to monitor this setup closely.
📈 What’s Happening with Gold?
The chart shows that Gold has made an attempt to break above the upper trendline of the descending channel. The price is currently trading near $2,611, just above the key level of $2,600, which previously acted as support. This breakout indicates the possibility of a reversal in the bearish momentum.
Additionally, the price is approaching the critical resistance zone at $2,622, which aligns with the upper levels of consolidation observed earlier. A sustained move above this level could trigger further upside momentum.
📊 Key Levels to Watch:
- Immediate Resistance: $2,622
- Next Target: $2,627
- Critical Support Zone: $2,600 and $2,596
If the price manages to hold above $2,622, the bullish momentum could propel it towards the next target at $2,627, completing the reversal. On the flip side, failure to sustain above $2,600 could see the price re-enter the channel and potentially retest the lower boundary.
💡 Trade Opportunity:
🔼 Trade Idea: Buy XAUUSD on a confirmed breakout above $2,622.
🎯 Target 1: $2,627
🎯 Target 2: $2,640
What’s Your Take on This Setup?
🚀 — Gold to $2,627 and beyond
🔥 — Reversal back into the channel
Let us know your thoughts in the comments, and don’t forget to plan your trades carefully as we step into 2025. Together, let’s make it a prosperous trading year! 💰
