Gold Outlook: Consolidation Phase with Breakout Signals

yesterday

Gold Analysis

• Gold Prices Rise by Over 1%
  Gold prices climbed more than 1%, reaching $2,660 per ounce on Tuesday. The rise was supported by a weaker dollar as traders grappled with uncertainty surrounding President-elect Donald Trump’s tariff policies amid conflicting signals.
  
  Additional support came from China's central bank, which increased its gold reserves for the second consecutive month in December.
  
  Traders are now awaiting key U.S. labor data and the FOMC minutes for further insights into the Federal Reserve's monetary policy outlook for the year.
  
  
• Technical Analysis:
  Gold maintains bullish momentum, particularly if it can stabilize above the resistance level of $2,665. Currently, the price is consolidating between $2,653 and $2,665. Building volume below $2,653 could reinforce a bearish trend toward $2,636.
  
  However, a 1-hour candle close above $2,665 would signal a bullish move toward $2,678 and potentially $2,706.
  
  Key Levels:
  Pivot Point: 2665
  Resistance Levels: 2678, 2690, 2706
  Support Levels: 2653, 2636, 2623
  
  Trend Outlook:
  Consolidation Between 2653 and 2665
  Bullish trend above 2665
  Bearish Below 2636 and 2653