Is Yesterday ended with support or resistance? And what's today Day trading chart pattern on XAUUSD, H4 timeframe and H1 timeframe
12/28/2024 02:41am
**Analysis of Gold Market (XAU/USD)**:
1. **End of Yesterday**: Gold ended the day with support, as the price stabilized near $2,610, which is a key support level.
2. **Current Day Trading Chart Patterns**:
- **H4 Timeframe**: The H4 chart shows a bearish trend with XAU/USD trading below the 100-day SMA, which is currently around $2,665. The price has reversed lower after failing to break above the 100-day SMA, which is now acting as resistance. The market is currently trading below this key resistance level, with a potential for further declines towards $2,590.
- **H1 Timeframe**: On the H1 chart, gold is stabilizing around $2,609, forming a tight consolidation range. An upward break from this range could target $2,660, followed by a potential pullback to $2,609 before continuing the ascent. The Stochastic oscillator supports the current forecast, indicating strong upward momentum with its signal line heading towards 80 from above 50.
In conclusion, XAU/USD is currently in a bearish trend on the H4 timeframe, with resistance levels holding firm. On the H1 timeframe, it shows a consolidation phase with a potential for further upward movement if the price breaks above the current range. Traders should monitor these levels for potential trading opportunities.