Gold consolidates gains as buyers and sellers wait for the next break

Gold is trading up and down since taking it’s last run higher from September that saw the precious metal summit at $2790.07 on October 30.

Since, then there was a

• Correction down to early/mid September lows at $2535 area,
• A couple of high at $2721.41, and
• A higher low at $2584.63

The price moved higher over the last few weeks of trading with the price stalling just short of $2700 (at $2797).

Today the price is lower by about -$28 or -1.07% at $2661.

Technically, tragically watching $2685 – $2697 is the next upside target to get through. Move above that and the double top near $2721 would be a key level to show buyers are making another play toward the all-time high at $2790.07

if the price were to continue the move lower started today, a rising trend line near $2584 would be the first target followed by a swing area between $2531 in $2546. That floor area (see red numbered circles on the chart above) will be key in early 2025 trading.

So overall buyers and sellers are battling it out with lower highs and higher lows. Traders will be on alert for breaks with momentum in the direction of the breaks (as outlined).

This article was written by Greg Michalowski at www.forexlive.com.