Gold- Long Run "Dec Expectations"
Based on the monthly close analysis, if the market tests the 2700 level in December and holds it as support, a bearish trend may emerge, potentially targeting the 2400 range. However, if the market first tests the 2594–2600 range and holds above it, a bullish close for the month is likely, potentially leading to a higher high and a continuation of the upward momentum.
On the weekly timeframe, given the rejection from the Weekly Fair Value Gap (FVG) or Imbalance (IMB), a break above last week's high at 2725 could signal another bullish week and the potential for a new higher high. As with the monthly view, the direction of the initial movement on Monday or Tuesday will be critical, as it could indicate the week's manipulation phase and set the tone for the overall trend.
On the daily timeframe, the same FVG (IMB) was respected, but due to the internal Change of Character (CHOCH), the market reacted. If the 2725–2726 resistance level holds, another bearish move toward the 2460–2465 range can be expected. As before, the market's behavior on Monday and Tuesday will play a pivotal role in determining the overall direction.
On the weekly timeframe, given the rejection from the Weekly Fair Value Gap (FVG) or Imbalance (IMB), a break above last week's high at 2725 could signal another bullish week and the potential for a new higher high. As with the monthly view, the direction of the initial movement on Monday or Tuesday will be critical, as it could indicate the week's manipulation phase and set the tone for the overall trend.
On the daily timeframe, the same FVG (IMB) was respected, but due to the internal Change of Character (CHOCH), the market reacted. If the 2725–2726 resistance level holds, another bearish move toward the 2460–2465 range can be expected. As before, the market's behavior on Monday and Tuesday will play a pivotal role in determining the overall direction.
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