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FX.co ★ Trading Signals for GOLD (XAU/USD) for December 14-15, 2023: sell below $2,052 (5/8 Murray - 23.6% Fibonacci)

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Forex Analysis:::2023-12-14T14:36:55

Trading Signals for GOLD (XAU/USD) for December 14-15, 2023: sell below $2,052 (5/8 Murray - 23.6% Fibonacci)

Trading Signals for GOLD (XAU/USD) for December 14-15, 2023: sell below $2,052 (5/8 Murray - 23.6% Fibonacci)

Early in the American session, Gold (XAU/USD) is trading around 2,036.18, the 38.2% Fibonacci retracement, and above the 200 EMA and 21 SMA.

The rise in gold prices was mainly due to a moderate change in the Federal Reserve's monetary policy outlook for 2024. The Fed forecast rate cuts of up to 0.75% next year, which prompted investors to leave the safe haven of the US dollar and buy gold.

Gold reached the key resistance level located around 2,040. This level was tested on December 1st but without success. This area acted as a strong resistance which sent gold to the 1,970 levels.

Now gold could break this level and face the next resistance at about 2,052 which could be seen as an opportunity to sell because the metal is showing signs of exhaustion in bullish strength.

In the coming hours, gold is expected to continue its rise towards 2,052 which could be seen as an opportunity to sell with the targets at 2,013 and the psychological level of $2,000. On the other hand, in case gold pulls back from current levels, we could expect a technical correction which will allow us to resume buying around the 23.6% Fibonacci located at 2,013, coinciding with the daily pivot point.

We expect the instrument to consolidate between the range zone of 2,052 to 2,013 in the coming hours. These levels would serve as selling points in case there is a rally towards this zone or buying in case gold makes a technical correction.

According to the H4 technical chart, as long as gold consolidates above the 200 EMA at 1,995 and above the psychological level of $2,000, the outlook remains bullish for gold, so any pullback will be seen as a buying opportunity.

Analyst InstaForex
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