2022-12-14 • Updated
It’s simply the question of time before gold price gets to the higher levels. If we look at the price action on the H1, we’ll see several times when the market bought XAU/USD on the dips. That’s why declines to 1 772, 1 769 or 1 760 will inspire buying interest: traders will want to join the market at a lower price. On the upside, the advance above 1 780 will open the way up to 1 785 and 1 790. Currently the price is consolidating between 1 777 and 1 772 and the direction of the breakout will determine the short-term potential.
BUY 1 770; TP 1 780; SL 1 768
BUY 1781; TP 1 789; SL 1779
Gold prices have experienced four consecutive weeks of decline, with a 3.6% drop in the current month, marking the worst performance since February. Despite this decline, retail traders are showing increased bullish sentiment toward gold. This suggests that some investors see the lower prices as an attractive buying opportunity.
Gold prices dipped as investors took profits following a near one-month high, but still recorded their biggest weekly gain since April on expectations of a pause in U.S. interest rate hikes. Spot gold was down 0.3% at $1,954.69 per ounce, while U.S. gold futures eased 0.2% to $1,959.30. The dollar index edged up 0.2% but remained close to its lowest level since April 2022.
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