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Gold (XAU / USD) is trading within an uptrend channel formed since August 10. The daily chart shows that gold has strong support at 1,771.
Gold is testing the bottom of the uptrend channel formed on the daily chart. This level could give a bullish boost to gold. If it consolidates above 1,781, it could resume the bullish path until 1,812.
The 200 EMA located at 1,800 will be the first resistance. A break above this moving average could continue to rise to 4/8 of a Murray at 1,812.50.
Gold is being attractive to investors amid a resurgence of fears over the Covid Omicron variant. However, if risk aversion intensifies, the US dollar could regain its safe haven status, limiting the recovery in the price of gold.
If a break below 1,768 is confirmed, gold could lose its value, exposing the strong support at 1,750. To the upside, a consolidation above 1,781 (6/8) would ease downward pressure. For now, it remains trading between the range of 1,770-1,812.
Our trading plan for the next few hours is to buy gold as it consolidates above 3/8 Murray at 1,781 with targets at 1,800 (200 EMA) and through 1,812. The eagle indicator is showing signs of a technical rebound, which confirms our bullish strategy.
Support and Resistance Levels for December 02 - 03 2021
Resistance (3) 1,812
Resistance (2) 1,796
Resistance (1) 1,782
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Support (1) 1,765
Support (2) 1,759
Support (3) 1,748
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A trading tip for GOLD December 02 - 03, 2021
Buy above 1,781 (3/8) or above 1,771 with take profit at 1,800 (200 EMA) and 1,812 (4/8), stop los below 1,773.
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