Gold Prices Trade in a Narrow Range, Awaiting a Clear Trend 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the XAUUSD for DEC 4th, 2024. 

XAUUSD Key Takeaways 

• Fed member attitude: Fed Governor Kugler: The employment report released on Friday is expected to rebound from the weak data affected by storms and strikes last month; San Francisco Fed President Daly: It is not impossible for the Fed to cut interest rates in December, nor is it a done deal, and we need to be open to the timing of the cut. The neutral interest rate is close to 3%; Chicago Fed President Goolsbee: In the coming year, interest rates should fall sharply from the current level. 

• Israeli situation: Israeli Defense Minister Katz: If the ceasefire agreement breaks down, we will no longer distinguish between Lebanon and Hezbollah; Israeli Prime Minister Netanyahu: The ceasefire agreement will be implemented with an iron fist and any violation of the ceasefire agreement will be taken. 

XAUUSD Technical Analysis 

XAUUSD Daily Chart Insights 

(XAUUSD Daily Price Chart, Source: Ultima Markets MT4) 

• MACD: The indicator rises slowly below the zero axis, and the momentum column is also in a state of gentle reduction. Although the indicator signal is long, the momentum column will still be dominated by adjustment trends before it clearly breaks above the 0 axis. 

• MA resistance: The black 65-day MA and the red 33-day MA are flat, suggesting that the current trading strategy is mainly based on shock trading, and there is no clear trend direction. The gold price will continue to adjust horizontally before it effectively stands on the red MA or falls below the 65-day MA. 

XAUUSD 1-hour Chart Analysis 

(XAUUSD H1 Price Chart, Source: Ultima Markets MT4) 

• Trend line: The short-term and long-term MAs are entangled and oscillating, which makes it clear that the trading strategy of gold in the near future is mainly to buy low and sell high. The downward trend line and the upward trend line jointly form the shock range of the gold price. 

• Key price: Although the trend line limits the trend of the short-term gold price, there is still a probability that the market price will continue to fluctuate widely before it rises above 2666.02 or falls below 2622.35. 

XAUUSD Pivot Indicator 

(XAUUSD M30 Price Chart, Source: Ultima Markets APP) 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 2634, 

• Bullish Scenario: Bullish sentiment prevails above 2634, first target 2656, second target 2666; 

• Bearish Outlook: In a bearish scenario below 2634, first target 2621, second target 2612. 

Conclusion 

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