{"id":7106,"date":"2024-12-04T11:28:57","date_gmt":"2024-12-04T11:28:57","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=7106"},"modified":"2025-05-12T12:56:25","modified_gmt":"2025-05-12T12:56:25","slug":"gold-dec-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/gold-dec-2024\/","title":{"rendered":"Falling Wedge: Gold (XAU\/USD) Technical Analysis for December 2024"},"content":{"rendered":"\n

Gold is potentially in a downtrend after a massive daily rejection from the $2720 zone. This impulsive rejection marks the possibility of structural shift in the market, with a lower high being set in right after November 14th\u2019s lower low around $2,550.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Looking at other indicators, we see the Exponential Moving Average-20<\/a>, marked by the orange line in the chart, acting as a decent support for the uptrend of Gold from September to October. By applying it as the midline within a Bollinger Bands\u00ae<\/a> \u2013 with standard deviation set to 1, we\u2019re also able to filter out false signals whenever the price breaks the EMA-20.<\/p>\n\n\n\n

Notice how in the Gold (XAU\/USD) chart, Gold broke the Daily EMA-20 late November, only to be rejected by<\/strong> the top of the Outer Bands<\/strong>. This helps add validity that Gold is currently in a downtrend.<\/p>\n\n\n\n

Prices to Watch<\/h2>\n\n\n\n
Support levels to watch on Gold:

1. Oct 2024 Pivot Support <\/strong>\u2013 Approx. $2605 to $2619

2. Sep 2024 Pivot Support <\/strong>\u2013 Approx. $2544 to $2558

3. Aug 2024 Pivot Support<\/strong> \u2013 Approx. 2470 to $2484
<\/td><\/tr>
Resistance levels to watch on Gold:

1. Sep 2024 Resistance <\/strong>\u2013 Approx. $2668 to $2682

2. 61.8% Fibonacci Resistance <\/strong>\u2013 Approx. $2677

3. Oct Nov S\/R Flip <\/strong>\u2013 Approx. $2706 to $2719

4. All-Time-High (Ultimate Test)<\/strong> \u2013 <\/strong>$2790.070
<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Bottom Line<\/h2>\n\n\n\n

If Gold cannot break above $2720 to change the market structure, then we may continue in this downtrend for the rest of December. The highs and lows in the chart also mark out a potential Falling Wedge pattern<\/strong><\/a>, which could bring us to as low as ~$2480 before a major bounce occurs.<\/p>\n\n\n\n

Should the price of gold creep higher, the Sep 2024 Resistance Zone<\/strong> ($2668 \u2013 $2682) serves as an excellent price zone to watch for a short position. It also aligns with the top of the Bollinger Bands, and the 61.8% Golden Fib Retracement Level.<\/a><\/p>\n\n\n\n

Alternatively, should Gold close above the Sep 2024 Resistance, hold the price zone, and come back for a retest \u2013 we may see further continuation to the upside. This scenario marks a possible retest of the upper trendline, but note that it would also invalidate the Falling Wedge<\/strong>, as there was no 5 wave consolidation within the pattern.<\/p>\n\n\n\n

In such a scenario, the $2720 price level and the All-Time Highs at $2790 would serve as resistance zones to test Gold\u2019s ability to move even higher.<\/p>\n\n\n\n

\n\n\n\n

You may also be interested in:<\/strong><\/p>\n\n\n\n

\n
USD\/CNH Poised for Breakout: Will resistance Hold or Give Way?<\/a><\/blockquote>