Gold tends to be negative 30/12/2024

Gold prices maintained their downward trend, albeit with weakened momentum, reaching a low of $2611 per ounce by the end of last week’s trading session.

Technical Analysis:

• A closer examination of the 4-hour chart reveals the Stochastic indicator losing upward momentum, while prices remain stable below the 50-day simple moving average.
• With intraday trading firmly below $2635, and more critically below $2640, the bearish trend remains dominant in the short term. The initial targets are $2608 and $2595, with the possibility of extended losses toward $2581.

Alternative Scenario:

• Should prices break above $2640 and consolidate, the bearish scenario may be invalidated. In this case, gold could attempt a recovery, targeting $2650 and $2662.

Warning:
The risk level remains elevated due to ongoing geopolitical tensions, and traders should prepare for heightened price volatility. All scenarios are plausible.

Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.

S1: 2608.00	R1: 2635.00
S2: 2595.00	R2: 2650.00
S3: 2581.00	R3:  2662.00