Technical Analysis: XAUUSD

XAUUSD fell for the second straight trading day

On Monday, XAUUSD fell for the second straight trading day. It ended down 0.15% at US$4190.68 per ounce.

The USDX rebounded steadily

On Monday, the USDX rebounded steadily and broke above the 99 mark. It ended up 0.13% at 99.11.

Gold ETF holdings decreased

As of 8^th December, gold ETF holdings decreased by 1.14 tons to 1049.11 tons, according to the data from the world’s largest gold ETF--SPDR Gold Trust.

XAUUSD is likely to retreat in the short term

the Chart of the Day

On the chart of the day, XAUUSD fell from a high level. It is likely to fall in the short term. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that XAUUSD will fall further. Investors should focus on whether XAUUSD will break through the support at 4163. It will decline with potential support at 4130 if it breaks below 4163.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and fell. The bearish market trend prevailed in the short term. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the bearish market trend prevailed. Investors should focus on whether XAUUSD will break through the resistance at 4220. It will continue declining if it rebounds but is capped at 4220.

Key resistance: 4220,4260

Key support: 4163,3130

Generally speaking, XAUUSD is likely to fall in the short term. Investors should focus on US JOLTs Job Openings (October) during the day.