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Gold Sideways, Risk of Decline Looms
Gold is currently trading around $2,622, signaling a sideways trend before potentially moving lower. On the 4-hour chart, prices are confined within a narrow range, capped by a strong resistance zone at $2,635 - $2,640, where the EMA 89 ($2,635) acts as a key barrier. Conversely, crucial support at $2,610 - $2,615 serves as a pivotal level to limit downside risks.
While the market is in an accumulation phase, pressure from expectations that the Fed will maintain a less dovish policy stance has diminished gold’s appeal. Additionally, low year-end trading volumes have resulted in narrow price movements, with cautious sentiment prevailing.
In the short term, a break below $2,610 could extend the decline toward the $2,600 region or even lower. On the other hand, if XAU/USD manages to surpass the $2,635 level, the next upside target would be $2,650 - $2,660. However, this scenario remains constrained amid tightening Fed policy expectations and rising bond yields. Traders should closely monitor signals from U.S. economic data to determine the next drivers of gold prices.
While the market is in an accumulation phase, pressure from expectations that the Fed will maintain a less dovish policy stance has diminished gold’s appeal. Additionally, low year-end trading volumes have resulted in narrow price movements, with cautious sentiment prevailing.
In the short term, a break below $2,610 could extend the decline toward the $2,600 region or even lower. On the other hand, if XAU/USD manages to surpass the $2,635 level, the next upside target would be $2,650 - $2,660. However, this scenario remains constrained amid tightening Fed policy expectations and rising bond yields. Traders should closely monitor signals from U.S. economic data to determine the next drivers of gold prices.
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