Gold could hit new highs next week OANDA:XAUUSD By Timo_WeberGOLD — TradingView

Gold price may reach new high next week

Recently, macroeconomic factors in the gold market have generally been favorable to gold prices.

From January to November, core CPI rose 2.6% year-on-year, hitting the lowest level since the beginning of 2021; while CPI and employment data were weaker than expected.

Key positive factors: The data strengthened market expectations for a rate cut by the Federal Reserve, limiting the dollar’s weakness, thereby pushing up gold prices.

2-Market expectations for a December interest rate cut rose from 30% to 80%; officials said there is room to lower interest rates. Key positive factors: Expectations of loose monetary policy are the main driving force behind the recent rise in gold prices.

The general trend has not changed. The recent pullback in gold prices from around the all-time high of $4,374 is currently considered a healthy adjustment and consolidation within the upward trend rather than a trend reversal.

Gold prices fluctuated significantly this week and stabilized significantly during the sideways consolidation phase. A new sharp rise is expected next Monday.

Our team had a perfect trading performance this week and made huge profits. We invite you to follow and join my channel to follow the market trends next week. I will continue to share real-time trading data and experiences on the channel next week. Current Price: In the middle of the short-term trading range between $4,340 and $4,310.

Upside resistance: The first resistance level is $4,343; a break above this level will target the all-time high level area between $4,380 and $4,400.

Implementation support:

First support level: between $4310 and $4320.

This is the lower end of the recent consolidation range and a key area of ​​demand; a break above this level could exacerbate the decline.

Second support level: around $4,290. This level roughly coincides with the 50-period moving average on the four-hour chart.

Main price levels: from $4,255 to $4,260. A decisive break above this level could signal a reversal of the recent uptrend.

Bottom line: As long as gold prices remain above $4,300, the overall strategy remains “buy the dip.”

Trading strategy for Monday (December 22): The basic idea is to look for buying opportunities at key support levels while preparing for a possible breakout of the price range. Strategy: Build a buying position in stages.

Actual steps:

Ideal entry area: $4,310 to $4,320

Stop Loss Order: Set below $4,290.

Initial price target: $4,343; if this price level is breached, hold until price reaches $4380-$4400.