Comex Gold(XAUUSD): Monday - 12/12/22

Dec 10, 2022

Supports: 1790, 1786, 1781, 17754
Resistance: 1796-1797 supply zone, 1806

Right now XAUUSD is in intraday uptrend clearly. A few points to be noted:

• The price is in an uptrend regression channel as shown in the chart (blue-pink channel).
  
• In last 3 days in hourly chart, one can see the price is making higher highs, however RSI is not able to cope up with the higher highs (shown as dotted green line). So there is a clear negative divergence in the hourly chart indication of momentum exhaustion.
  
• 1790-91 will be the most crucial level to watch for. The fib 61.8% is there as well. A breakdown of that level means the uptrend channel also broken. SL: 1795.
  
• On higher side, 1805-1806 is the level above which, if price sustains, can go Long with SL of 1996.