Gold Sideways, Awaiting Breakout Before the Holidays
XAU/USD continues to trade in a sideways pattern ahead of the holiday season, currently hovering around 2,617 USD. On the 1-hour chart, the price is supported by an upward trendline and the EMA 34 (2,616 USD), while the key resistance zone lies between 2,632 - 2,635 USD.
The primary support at 2,609 USD serves as a critical level, limiting further downside. Amid low liquidity during the Christmas week, gold prices remain confined within a narrow range, showing no clear breakout signals yet.
Fundamentally, gold faces pressure from a stronger USD and rising U.S. Treasury yields. However, safe-haven flows and central bank gold purchases have provided stability to prices. If gold breaks above the 2,635 USD resistance, the next target could be 2,640 USD or higher. Conversely, losing the 2,609 USD support level may push prices down toward the 2,600 USD zone.
The primary support at 2,609 USD serves as a critical level, limiting further downside. Amid low liquidity during the Christmas week, gold prices remain confined within a narrow range, showing no clear breakout signals yet.
Fundamentally, gold faces pressure from a stronger USD and rising U.S. Treasury yields. However, safe-haven flows and central bank gold purchases have provided stability to prices. If gold breaks above the 2,635 USD resistance, the next target could be 2,640 USD or higher. Conversely, losing the 2,609 USD support level may push prices down toward the 2,600 USD zone.
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