On December 16, will the gold double top face resistance and continue to rise after an intraday pullback!

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Fundamentals

Yesterday, after the opening of gold, it was driven by last week's news, and gold rose all the way up to 4350 USD/ounce before the European market opened. Later, under the pressure from last Friday's high, the gold price significantly retraced, breaking down the key point of 4300 USD/ounce, with a minimum drop to 4285 USD/ounce before a slight rebound, finally closing at 4305 USD/ounce. Today's opening price is 4307 USD/ounce, and the Asian session continues yesterday's downward trend, with the current gold price reported at 4277 USD/ounce.

Technical Analysis

From the hourly chart perspective, gold once again touches near the 4265 support, and an M-top pattern has formed after the double top. Although the emergence of a pattern does not necessarily lead to extreme market conditions, it allows us to make corresponding adjustments to market dynamics.

In the evening, if during the European session, gold breaks through the 4265 support, I personally feel that there is a possibility for gold to test around 4185. If it cannot break through the 4265 support, it will continue to rise and attempt to reach the range of 4365-4385 above!

Note: The article is time-sensitive, and the market changes rapidly. Do not operate blindly.

The above is purely personal sharing and does not constitute any investment advice. Investment carries risks, and profits and losses are at your own risk!