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XAUUSD Technical Analysis 2nd December 2024 1h chart

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 XAUUSD Technical Analysis 2nd December 2024 1h chart

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November Monthly candle closed Bearish at 2650.300 forming Monthly Resistance at 2744.000, Previous Weekly candle closed Bearish forming Weekly Resistance at 2716.300 and Friday Daily candle closed Bullish. I'll be looking or potential Buys above 2664.000 targeting 4h Resistance at 2678.000 Leaving Runners to the Hourly Resistance formed at 2687.000. I'll be looking for potential Sells below 2647.000 targeting Hourly Support at 2635.500 Leaving Runners to the 4h Support formed at 2624.500. Trading XAU/USD during December presents an interesting dynamic, especially with the potential for a Christmas rally. As liquidity drops with many traders taking time off for the holidays, gold can experience increased volatility, creating opportunities for sharp price movements. The year-end rally can drive both buying and selling pressure, making it crucial to stay alert. Watch key levels and be prepared for sudden shifts as market sentiment fluctuates. Will we see a strong rally for gold or a year-end pullback?

 

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