Gold had another day of price increase yesterday, the third consecutive day of price increase. But yesterday's D1 bar was inside the previous D1 bar, creating an inside bar pattern, showing cumulative price compression. The D1 gold chart structure is moving sideways, with the main price increasing. Above gold is the old all-time peak zone around 2075. The most recent attempt to surpass this zone was blocked on the same day, so gold may face a slowdown.
H1: H1 gold's upward momentum has stalled because the price did not create a new peak. The gold H1 chart structure has now turned sideways in the price range. Because above is the all-time highest resistance, H1 gold should not be chased at this time, but can wait to buy if there is a downward correction to the support areas below.
H1: H1 gold's upward momentum has stalled because the price did not create a new peak. The gold H1 chart structure has now turned sideways in the price range. Because above is the all-time highest resistance, H1 gold should not be chased at this time, but can wait to buy if there is a downward correction to the support areas below.
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Following the Christmas holiday closure, global gold prices experienced a modest increase upon reopening due to the decline in the USD and decreasing Treasury yields, driven by anticipations that the US Federal Reserve will progressively lower interest rates in the coming year. The US Dollar Index hovered around a 5-month low, and there was a slight dip in US 10-year bond yields. The devaluation of the dollar enhanced the appeal of gold for holders of alternative currencies.
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