ABSTRACT: The daily chart shows that the precious metal has fallen below the SMA20 (currently at 2,015.4 US dollars), but was able to push itself back above this line as part of a dynamic countermovement. Weakness set in again towards the end of the week and the SMA20 was approached again. Gold must definitely try to stay above the SMA20 at the daily close. If this succeeds, it would still be imperative that things continue to improve quickly. If this demand materializes, the starting targets could be reached at 2,058/60 US dollars and 2,077/79 US dollars, respectively.
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Current gold analysis on December 16, 2023: Chart analysis, weekly outlook, trading setups and more – for active day traders
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Latest news about gold Trading 🔴 gold Trading Ideas 🔴 Gold Forecast & Outlook
Gold review: (12/11/2023 – 12/15/2023)
gold was trading at $1,998.7 on Monday morning. The precious metal was 77.70 US dollars below the level on Monday morning of the previous week and 4.10 US dollars below the weekly closing on Friday evening. Gold initially fell on Monday and was only able to stabilize in the evening. There was a moderate recovery and the precious metal continued to move sideways in a box until midday on Wednesday. On Wednesday in later trading, gold was able to recover dynamically and with momentum. It went over $2,030. After the movement ended at the close of trading, there was no further demand, gold moved into another sideways box, and a smaller recovery subsequently occurred. Weakness appeared again on Friday afternoon, which increased further in the evening and brought the precious metal below $2,020. Gold was included $2,018.0 from weekly trading.
The weekly high was formatted above the $2,000 mark but below the previous week’s weekly high. The weekly low was also marked below the level of the previous week. After a significant weekly loss in the previous week, there was a loss this week small weekly profit expelled. The range was slightly smaller than the week before, but was above the annual average.
On the upside, we had expected gold to reach our next target on the upside at $2,047.1 when it crossed the $2,044.8 mark. This movement has started, the start-up goal has been reached and just exceeded, The setup didn’t work optimally. The setbacks went as the number fell below 1,974.4 does not reach our next target on the downside at $1,972.2.
Gold – What could happen next:
Gold resistors
- 2,031.8
- 2,034.0
- 2,047.7
- 2,058.8
- 2,062.4
- 2,078.9
Gold supports
- 2,015.4
- 2,014.2
- 2,012.5
- 1,996.7
- 1,981.1
- 1,955.8
- 1,936.4
- 1,932.2
The most important brands based on our gold setup:
- Intraday mark 2,085 and 1,972
- Daily closing marks 2,234 and 1,866
- Break1 Bull (Where-End) (1,916)
- Break2 Bull (Mon end) (2,041)
- Cyclical movements 2020 – 2033
- Box range 2,223 to 1,466
- Range 2,484 to 746
Gold chart check – viewing in the daily / 4h chart:
DAILY
The daily chart shows that the precious metal has fallen below the SMA20 (currently at 2,015.4 US dollars), but was able to push itself back above this line as part of a dynamic countermovement. Weakness set in again towards the end of the week and the SMA20 was approached again.
Gold must definitely try to stay above the SMA20 at the daily close. If this succeeds, it would still be imperative that things continue to improve quickly. If this demand materializes, the starting targets could be reached at 2,058/60 US dollars and 2,077/79 US dollars, respectively.
However, if it goes below the SMA20 at the end of the day and gold establishes itself below this line at the end of the day, further losses could occur, which could reach the SMA50 area (currently at 1,981.1 US dollars). If this support does not hold at the end of the day, the SMA200 (currently at $1,955.8) could provide further support below.
- Classification of higher-level chart image, forecast (Daily chart): bullish
View in the 4h chart:
The precious metal has fallen below the SMA200 (currently at 1,996.7 US dollars) and was initially unable to push above this line again, despite some efforts. The move, not only over the SMA200, but over the SMA20 (currently at 2,014.2 US dollars) as well as over the SMA50 (currently at 2,012.5 US dollars) was achieved on Wednesday evening. The upward pressure subsided again immediately after the movement and it continued sideways for a long time. At the end of the week, the prices fell slightly again.
What is important is that gold manages to stay above the SMA20 / SMA50. If this were to succeed, it would continue to be important that things continue to improve dynamically. If this condition arises, things could go back towards the starting goals that were mentioned in the daily review.
However, if there is a lack of momentum, it is conceivable that the SMA20 / SMA50 could be started. If there are no recoveries in the area of these lines, or if they start with dynamism and momentum, it could continue directly downwards to the SMA200. Prices should recover again here at the latest if gold wants to keep its bullish options open. If the precious metal establishes itself below the SMA200, this could be an indication that further drops could occur, which have the prospect of reaching US$2,003/01 or subsequently US$1,989/87.
- Classification of short-term chart image, forecast (4h): bullish
Conclusion: Gold must try to stay above the SMA20 at the end of the day. If this succeeds, the upward movement could be resumed towards $2,077/79. A daily close below the SMA200 could indicate further declines towards $1,990/88.
- Probability of a bull scenario based on our setup: 55%
- Probability of bear scenario based on our setup: 45%
Assessment for the new gold trading week:
Long setup: Gold could initially try to stay above $2,018.0. If this succeeds, it could continue upwards to our next approach targets at 2,020.1, at 2,023.1, at 2,025.5, at 2,027.9, at 2,029.6, at 2,031.5, at 2,032.9, at 2,034 .8, at 2,036.3 and then go US dollars. Above the $2,036.3 level, gold could see our run-in targets at 2,039.2, at 2,042.3, at 2,044.8, at 2,047.1, at 2,049.7, at 2,051.1, at 2,053.7 2,056.1, 2,058.8, 2,060.1 and 2,062.3 US dollars respectively.
Short setup: If gold cannot stay above the 2,018.0 US dollar mark, the precious metal could initially reach our next target levels at 2,016.8, at 2,015.5, at 2,012.1, at 2,010.2, at 2,008.7, at 2,005.3, at 2,002.1, at 2,000.3 and then at $1,998.9. Below the $1,998.7 mark, our next target targets would be 1,996.7, 1,994.5, 1,992.1, 1,989.6, 1,986.5, 1,984.5, 1,982.1, 1,980 .0, at 1,978.1, at 1,976.2, at 1,974.4 and at 1,972.2 US dollars, respectively.
Overarching expected gold trend in week 51/2023:
Sources: xStation5 from XTB
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