Global Gold Analysis (Daily Time Frame)
As mentioned in the main scenario last week, the global gold ounce continued its decline and moved to the support area of 2584, from which it made a relatively good rebound.
- Main Scenario: Given the relatively strong rebound from the support area, it is expected that after some consolidation, it can move to higher areas. If it breaks and stabilizes above the 2651 area, it can reach the 2693 and then 2726 areas.
Gold Analysis (4-Hour Time Frame)
After a relatively strong rebound from its support area, it could not cover the last bearish candle to make the conditions for a reversal easier.
- Main Scenario: If it reclaims the 2636 area, it can reclaim the downtrend to the 2693 area.
- Alternative Scenario: If the above scenario does not occur, it will have another correction to the 2600 to 2607 range.
Gold Analysis (15-Minute Time Frame)
Given the weak momentum of gold near the previous high, it is expected to have an initial temporary return to the 2607 to 2600 range. Also, given the proximity to the end of the calendar year, it is expected that gold will end the last week of the calendar year with consolidation.