Gold prices grind between $1780 - $1815. The 4-hour chart indicates to be long above $1,815 and short below $1,780. Between these levels, traders will be at risk of whipsaw price action and sideways consolidation.
Even so, a clear downside break of the stated support line, around $1785 by the press time, won’t be enough as multiple levels around $1780 also challenge gold bears. XAUUSD is poised to test its November low at 1,758.81, while below the latter the slide may continue towards the 1,700 figure.
=> Meanwhile, sustained run-up beyond $1,815 will get a conviction on crossing November 09 swing high near $1,833. Following that, gold can quickly target the $1,850 hurdle whereas the $1,870 and the monthly peak of $1,877 could entertain the bulls afterward.
Even so, a clear downside break of the stated support line, around $1785 by the press time, won’t be enough as multiple levels around $1780 also challenge gold bears. XAUUSD is poised to test its November low at 1,758.81, while below the latter the slide may continue towards the 1,700 figure.
=> Meanwhile, sustained run-up beyond $1,815 will get a conviction on crossing November 09 swing high near $1,833. Following that, gold can quickly target the $1,850 hurdle whereas the $1,870 and the monthly peak of $1,877 could entertain the bulls afterward.