Dec 18, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex)
During the course of my daily analysis of commodities on Monday, it's important to notice that the gold market continues to be supported in the same area. Ultimately, when you look at the $2650 level, is an area that's been important multiple times, so the fact that gold tried to rally a bit during the early part of the session is not a huge surprise.
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Technical Analysis
The technical analysis for
gold is fairly bullish, with the $2650 level being important, right along with the fact that the 50 Day EMA sits in the same neighborhood as well. In other words, this is a significant area that a lot of people will be cognizant of. If we were to break down below the $2600 level, then it's possible that we could see a little bit deeper correction, but right now I think we are just simply trying to find some type of range to trade in.
EURUSD Chart by TradingView
To the upside, I see the $2730 region as being significant resistance as we had formed a bit of a"double top" in that area, so that makes a lot of sense as it is an area that has been both support and resistance previously as well. One of the biggest concerns that you might have with
gold this time of year is the lack of volume at times, and of course the fact that we have the Federal Reserve interest rate decision on Thursday. That obviously will have a major influence on gold, as it will have a major influence on interest rates and the bond markets.
I do believe that there are plenty of geopolitical concerns to keep the market somewhat afloat anyway, so with that being said I don't have any interest in shorting this market. In fact, we would have to drop below the $2500 level to have me concerned about the overall uptrend, which is not only a large, round, psychologically significant figure, but it is also right around where the 200 Day EMA is bound.
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COMTEX_460981949/2604/2024-12-18T03:59:43
