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Ending a sideway week, pay attention to CPI data
During the Asian trading session on Monday (December 9), XAUUSD Spot delivery rose significantly then fell back, with gold prices hitting an intraday high of $2,650.62/ounce on the Asian market. Gold prices have now dropped and are trading at 2,636 USD/ounce.
Bloomberg reported that China's central bank increased its gold reserves for the first time in seven months and that the rapid collapse of the Syrian government further undermined stability in the Middle East. These two factors boosted gold prices on Monday but of course it only had a very short-term impact.
The People's Bank of China released data on December 7 showing that China's gold reserves at the end of November 2024 were 72.96 million ounces and at the end of October were 72.8 million ounces. As of April this year, China's central bank had increased its gold reserves for 18 consecutive months, helping support rising gold prices.
However, the Chinese central bank's purchases (about 5 tons) are relatively small compared to monthly purchases since the beginning of this year.
Traders watched developments in Syria over the weekend after President Bashar al-Assad fled as rebels took control of the capital Damascus.
The United States struck dozens of Islamic State targets in central Syria on Sunday, as President Joe Biden warned that Assad's fall could lead to a resurgence of Islamic extremism.
![GOLD MARKET ANALYSIS AND COMMENTARY - [Dec 09 - Dec 13]](https://s3.tradingview.com/u/uqQHNTVJ_mid.png)
Analysis of technical prospects forXAUUSD
Although gold has had a week of stable price fluctuations with mostly sideways accumulation, in general on the daily chart it still moves with the main trend leaning towards the possibility of price decline.
With the main trend being noticed by price channel and pressure from EMA21 along with the 0.50% Fibonacci retracement level and horizontal resistance of 2,644USD in the short term. On the other hand, the relative strength index (RSI) is moving sideways below the 50 level, which can be considered a negative signal for gold technically.
In the near term, if gold takes its price action below the 0.618% Fibonacci retracement level, it could fall a bit further to $2,606 – $2,600 in the short term. Additionally, a new bearish cycle is likely to be opened once the $2,600 raw price level is broken below, confirmed by price activity below the 0.786% Fibonacci level followed by a target of around $2,538.
As long as gold remains within the price channel, below the EMA21 and below the 0.50% Fibonacci retracement, it remains bearish on the daily chart, and the highlights are listed below.
Support: 2,606 – 2,600USD
Resistance: 2,644 – 2,663USD
SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690
→Take Profit 1 2679
↨
→Take Profit 2 2674
BUY XAUUSD PRICE 2589 - 2591⚡️
↠↠ Stoploss 2585
→Take Profit 1 2596
↨
→Take Profit 2 2601
XAUUSD Spot delivery rose significantly then fell back, with gold prices hitting an intraday high of $2,650.62/ounce on the Asian market. Gold prices have now dropped and are trading at 2,636 USD/ounce.Bloomberg reported that China's central bank increased its gold reserves for the first time in seven months and that the rapid collapse of the Syrian government further undermined stability in the Middle East. These two factors boosted gold prices on Monday but of course it only had a very short-term impact.
The People's Bank of China released data on December 7 showing that China's gold reserves at the end of November 2024 were 72.96 million ounces and at the end of October were 72.8 million ounces. As of April this year, China's central bank had increased its gold reserves for 18 consecutive months, helping support rising gold prices.
However, the Chinese central bank's purchases (about 5 tons) are relatively small compared to monthly purchases since the beginning of this year.
Traders watched developments in Syria over the weekend after President Bashar al-Assad fled as rebels took control of the capital Damascus.
The United States struck dozens of Islamic State targets in central Syria on Sunday, as President Joe Biden warned that Assad's fall could lead to a resurgence of Islamic extremism.
Analysis of technical prospects for
XAUUSD Although gold has had a week of stable price fluctuations with mostly sideways accumulation, in general on the daily chart it still moves with the main trend leaning towards the possibility of price decline.
With the main trend being noticed by price channel and pressure from EMA21 along with the 0.50% Fibonacci retracement level and horizontal resistance of 2,644USD in the short term. On the other hand, the relative strength index (RSI) is moving sideways below the 50 level, which can be considered a negative signal for gold technically.
In the near term, if gold takes its price action below the 0.618% Fibonacci retracement level, it could fall a bit further to $2,606 – $2,600 in the short term. Additionally, a new bearish cycle is likely to be opened once the $2,600 raw price level is broken below, confirmed by price activity below the 0.786% Fibonacci level followed by a target of around $2,538.
As long as gold remains within the price channel, below the EMA21 and below the 0.50% Fibonacci retracement, it remains bearish on the daily chart, and the highlights are listed below.
Support: 2,606 – 2,600USD
Resistance: 2,644 – 2,663USD
SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690
→Take Profit 1 2679
↨
→Take Profit 2 2674
BUY XAUUSD PRICE 2589 - 2591⚡️
↠↠ Stoploss 2585
→Take Profit 1 2596
↨
→Take Profit 2 2601
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🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
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