Daily Gold Technical Analysis: Volatility Ahead of Fed Rate Decision

Gold Technical Analysis: (16.12.2024)

The market will remain volatile this week due to the impact of Fed Rate Decision and GDP data. Gold’s direction will hinge on these events, particularly the Fed’s stance on interest rates.

Bearish Scenario: Continuation

Conditions:

Value requirements to settle under 2653 (Turn Point).

A further breakdown and 1H or 4H flame close under 2638 will make the way for 2623.

Negative energy could fortify further in the event that the Fed rate stays at 4.75% or signals a hawkish position.

Bullish Scenario: Continuation

Conditions:

– A rate cut of 25 bps by the Fed will support bullish sentiment, driving prices upward.

– Price needs to break and hold above 2653, targeting resistance levels at 2665, 2678, and 2690.

Key Levels

Pivot Point: 2653

Resistance Levels: 2665, 2678, 2690

Support Levels: 2638, 2623, 2612

Trend Outlook

Negative: Assuming the cost settles under 2653 and key help levels break.

Unstable: Driven by the Federal Reserve’s choice and market response to Gross domestic product information.

Summary

Negative Trigger: Close under 2638, focusing on 2623 and possibly 2612.

Bullish Trigger: Took care of cuts rates by 25 bps, and cost breaks over 2653, holding back nothing more elevated levels.

Risk Disclaimer: Trading involves significant risk. Always use stop-loss orders and trade within your risk tolerance.

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