XAUUSD: Market Analysis and Strategy for December 2nd

Gold Technical Analysis:

Daily Resistance: 4330, Support: 4131

4-Hour Resistance: 4220, Support: 4150

1-Hour Resistance: 4210, Support: 4175

Yesterday, the gold market exhibited significant volatility. Gold prices surged, reaching a high of around 4264, demonstrating strong upward momentum. However, upon entering the New York session, the market sentiment shifted dramatically, and gold prices began to fluctuate and decline. The 4-hour chart shows that gold has successfully broken out of a clear symmetrical triangle pattern, a breakout signal indicating a continuation of the bullish trend. Although momentum has improved after the breakout, the RSI indicator remains in overbought territory around 65, making chasing the price higher risky in the short term. The short-term battleground between bulls and bears is around 4200.

Trading Strategy:

SELL: 4200near

SELL: 4210near

SELL: 4225near

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