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Gold Price: XAU/USD Key Chart Signals to end Consolidation- GLD Forecast

Gold Price: XAU/USD Key Chart Signals to end Consolidation- GLD Forecast

Mahmoud Alkudsi, Analyst

Gold - XAU/USD Technical Analysis

Gold Price – Disrupted Rally

On Thursday, Gold rallied to $1,486 – its highest level in five weeks. The price declined after, then closed the weekly candlesticks with a 1.0% loss as some buyers took profit.

Alongside that, the Relative Strength Index (RSI) crossed above 50 however, remained flat highlighting weak buyers in a bullish market.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Gold DAILY PRICE CHART (Jan 5, 2018 – DEC 16, 2019) Zoomed out

Gold price daily chart 16-12-19 Zoomed out

Gold DAILY PRICE CHART (Jun 21 – DEC 16, 2019) Zoomed In

Gold price daily chart 16-12-19 Zoomed in

Looking at the daily chart, we notice XAU/USD is still moving in the same trading zone entered in Nov 4 ($1,440- $1,510). Additionally, the price is trading above the uptrend line originated from the Aug 1 low at $1,400.

It’s noteworthy that, since Dec 3 buyers has been rallying the price then pulling back leading Gold to close below the 50-Day average. Thus, a close above the 50 DMA could signal their intention to push the yellow metal towards the high end of the aforementioned trading zone.

Further close above the high end, could embolden market participants to rally XAU/USD towards the vicinity of $1,555-58. In that scenario, this rally could weaken at the weekly resistance area and level marked on the chart (Zoomed in) as some buyers may take profit at these points.

That said, any violation to the uptrend line could lead Gold towards the low end of the zone. A close below the low end may encourage more buyers to exit the market. This may send XAU/USD towards $1400. Yet, the weekly support levels underscored on the chart should be monitored.

Gold Four-HOUR PRICE CHART (Nov 3 – DEC 16, 2019)

Gold price four hour chart 16-12-19

From the four-hour chart, we notice on Nov 14 Gold corrected higher. Since then, the precious metal has consolidated in a sideways move, creating lower highs with higher lows.

Thus, a break above $1,487 could lead XAU/USD towards $1,498. Although, the rally could encounter a resistance at $1,493. On the flip-side, a break below $1,460 could press Gold towards the Now 12 low at $1,445. Nevertheless, the weekly support area marked on the chart should be watched closely.

See the chart to know more about key levels Gold would encounter in a further bullish/bearish scenario.

Just getting started?See our Beginners’ Guide for FX traders

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.