Gold Technical Analysis 17/12/2024

17 Dis

https://www.tradingview.com/x/len2uWkk/

### Current Price: 2658.00

#### Our Preference
- Short Positions: We favor opening short positions below the resistance level of 2665.00.
- Targets: Watch for potential targets at 2643.00 and subsequently at 2635.00 for extended moves.

#### Alternative Scenario
- Bullish Outlook: If the price moves above 2665.00, we may see further upside potential.
- Targets for Upside Movement: Key levels to watch include 2674.00 and 2689.00.

#### Comments
- As long as the price remains below 2665.00, we anticipate a choppy price action with a bearish bias. Traders should remain cautious and reactive to the price movements around this key level.

### Key Support and Resistance Levels
- Resistance Levels:
- 2689.00
- 2674.00
- 2665.00
- Support Levels:
- 2656.00 (Last Price)
- 2643.00
- 2635.00
- 2613.00

### Technical Patterns
- Bearish Pennant: Monitor for a potential breakdown of the one-hour bearish pennant. If this pattern breaks to the downside, we could see the price target the 2635.00 to 2613.00 area.

- Bullish Confirmation: Conversely, if the price closes above 2666.00 on an hourly candle, it may suggest that gold could rally, with targets set at 2687.00 and 2691.00.

### Conclusion
In summary, keep a close eye on the dynamics around 2665.00. The next moves will heavily depend on how the market reacts to this resistance level. Depending on whether the bearish pennant breaks down or if we see a strong close above 2666.00, traders should be prepared for swift price action in both directions.

Trade Wisely!

17 Dis

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18 Dis

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