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The first two weeks of December maintained uncertainty despite bullish players casting a long upper shadow on the weekly timeframe. Gold is at a crossroads. Bulls aim to reclaim dominance and restore the uptrend. To achieve this, they must break beyond the nearest highs (2720.87 – 2725.57) and update the historical peak at 2789.61. They must consolidate above the peak to sustain these gains and surpass the significant psychological resistance level of 2800.00.
If the current uncertainty does not allow bullish players to regain momentum, the initiative could quickly shift to bearish players. Exiting the zone of indecision will set a series of objectives for the bears, including neutralizing the daily Ichimoku golden cross (2630.93 – 2608.60), consolidating in the bearish zone below the daily cloud (2630.50), establishing a bearish breakout target for the Ichimoku cloud, and developing a bearish correction. Key targets on higher timeframes include weekly levels (2598.24 – 2540.86 – 2483.24) and the monthly short-term trend (2509.30).
Recently, bearish players have gained the upper hand by breaching the weekly long-term trend (2678.76). With further declines and progression toward downside targets, continued bearish sentiment is expected. For bullish players to regain control and shift the current balance of power, they must rise to the weekly long-term trend (2678.76), surpass it, and consolidate above it.
Intraday market targets include classic Pivot Points and potential breakout objectives for the H4 Ichimoku cloud. The values of classic Pivot Points are updated daily when the market opens.
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