TVS-Trader’s OANDA:XAUUSD Gold Price Analysis for December 23 — TradingView

Gold has continued its strong upward momentum since the beginning of the week and has now reached a record high near 4490. The upward momentum is quite obvious, indicating that buying pressure continues to exist and shows no signs of abating.

As the price range continues to expand, Fibonacci extensions are a suitable tool for identifying short-term price targets as well as areas where technical corrections are likely to occur. The safest strategy at this time is to wait patiently for price to return to the previous breakout area to seize buying opportunities in line with the main trend.

📌 Trading Strategy

The current market price is at a high level; so chasing prices is very risky.

Prioritize buying at strong support levels, especially when there is a clear reaction from buyers.

If you can get into good buying positions and keep your trades in line with the trend, this week will produce good results.

📍Main support areas

4450

4385

🎯 Expected goals

Mid-term target: 4590

⚠️Risk warning
The 2.618 Fibonacci extension level near 4511 may lead to short-term profit-taking. If there is strong selling pressure in this area and a bearish pattern develops on the shorter time frames, it is recommended to consider short-term selling options with prudent risk management.

👉 The main trend is still buying, selling is just a short-term technical reaction.