GOLD
Higher Timeframes
In 2023, gold reached a new high at 2143.74, but it was unable to consolidate and maintain this level. As a result, in the final days of the year, the question is whether gold will be able to stay above the 2022 high at 2069.90. If bullish sentiment prevails and buyers can maintain optimism, we may see new record highs in the coming year. However, if the price continues to fall, and bears take control, the market will interact with support levels across different timeframes, attempting to overcome various Ichimoku clouds and cross points that are closely aligned with the price chart. In this case, the daily cross (2058.16 - 2051.54) and weekly levels (2032.09 - 2016.23) would come into play first.
H4 - H1
On lower time frames, the bulls have the primary advantage. They almost reached the target for breaking the 4H cloud (2091.24), but couldn't quite reach it and entered a corrective decline. Currently, the central Pivot level support is being tested (2073.87). If the correction continues, the bears may test the key level, the weekly long-term trend (2055.70). The S1 level (2063.79) may provide intermediate support. A breakthrough of the trend and its reversal could form the basis for a change in the current balance of power. We can find additional supports at 2050.93 - 2040.85 (classic Pivot levels). The end of the correction and bringing back the uptrend could lead to reaching the 4H target (2091.24), and further bullish sentiment could be reinforced by the resistance levels of classic Pivot points (2096.81 - 2109.67).
The technical analysis of the situation uses:
Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes - 1H - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
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