12.11 Gold breaks resistance level, 2700 is coming

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Technical analysis: key support and resistance levels

From a technical perspective, spot gold has successfully broken through and closed above the key resistance level of $2,650, and this breakthrough has provided new momentum for bulls. The oscillator indicators on the daily chart show positive upward momentum, suggesting that gold prices may continue to challenge the $2,700 mark and further touch the supply range of $2,720-2,722.

But at the same time, attention should be paid to the role of support levels. As a previous resistance level, $2,650 has now been transformed into an important short-term support. If it falls below this level, gold prices may further pull back to the $2,625-2,620 area, or even test the $2,600 integer mark. If it breaks below $2,600, it may open up more downside space, targeting the November low of $2,537-2,536.

Intraday analysis: upward momentum may continue

Overall, the upward momentum of spot gold remains solid. Under the combined effect of safe-haven demand, weak US dollar and geopolitical risks, gold prices are expected to continue to rise in the short term. However, before the Fed meeting and the release of the US Consumer Price Index (CPI) data, the market may be volatile. If the CPI data shows that inflationary pressures are easing, it may provide conditions for gold bulls to further exert their strength.

In the medium and long term, the gold market is still strongly supported by fundamentals. Investors should pay close attention to the latest developments in the Fed's policy direction and the geopolitical situation, which will continue to affect market sentiment and gold prices.
Transaction en cours
snapshot

From the 4-hour level, the price is currently in a shock rebound stage, and the moving average turns upward, MACD opens upward, and the short-term bullish momentum has not yet been exhausted, waiting for the horizontal position pressure test. The intraday support is around US$2,670, and the upper pressure is around US$2,715.
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Senior Financial Analyst Main expertise: Analysis of financial products such as gold, US dollar, digital currency, etc. Telegram link: t.me/+43sO_tENBOswYWMx
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