XAUUSD Technical Analysis 16th December 2024 1h chart

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 XAUUSD Technical Analysis 16th December 2024 1h chart

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Previous Weekly candle closed weak Bullish at 2647.500 leaving a huge rejection wick to the upside measuring 780 pips forming weak Weekly Support at 2633.000. Friday Daily candle closed strong Bearish back within the previous Daily Consolidation Zone. I’ll be looking for potential Buys above 2653.000 targeting previous 4h Support formed on 9th December 2024 around 2659.800 Leaving Runners to the next previous 4h Support formed on 10th December 2024 around 2665.200. I’ll be looing for potential Sells below 2643.500 targeting Hourly Support formed at 2636.000 Leaving Runners to the Daily Support formed on 5th December 2024 around 2630.000. Price has returned to the previous Daily Consolidation Zone that held strong for 2 weeks (late November to early December), leaving behind a massive weekly rejection. Will gold retest the previous Monthly Low while respecting November’s Monthly Resistance?


 

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