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Gold Technical Analysis – December-20-2023

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In today’s comprehensive XAUUSD technical analysis, we will first scrutinize the price action of the yellow metal, and then meticulously delve into the fundamental analysis pertaining to gold.

Gold Technical Analysis

FxNews – Gold’s performance, as shown on the XAUUSD daily chart, recently rebounded from the 50% Fibonacci support level. Currently, the yellow metal trades above the 38.2% Fibonacci support, challenging the resistance range between $2,047 and $2,057.

XAUUSD Technical Analysis

XAUUSD Technical Analysis – Daily Chart

To gain a deeper understanding of gold’s technical analysis, we can zoom into the 4-hour (4H) chart. Here, bulls are actively working to stabilize the price above the 38.2% Fibonacci level. Supporting this bullish momentum, technical indicators favor the buyers. Notably, the Relative Strength Index (RSI) is maintaining its position above the 50 mark. Adding to this positive outlook, the Awesome Oscillator displays green bars, suggesting upward momentum. Therefore, if the bulls can maintain control at this level, it’s likely that gold prices will target the 61.8% Fibonacci resistance level.

XAUUSD Technical Analysis

XAUUSD Technical Analysis – 4H Chart

However, there’s another side to consider. If gold prices were to fall below the current support, it would negate this bullish technical analysis. Such a dip would indicate a shift in market sentiment, potentially leading to a downward trend.

  • 20 December 2023
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