Happy Tuesday! As you know, today is the last trading day of this year, 2024, and we are moving into 2025. We come with a Gold (XAUUSD) technical analysis. Let’s dive into the analysis 🧐 without delay.
Last Technical Analysis for this year on Gold (XAUUSD) Market

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! 💰

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