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XAUUSD 13 Dec 2023

XAUUSD 13 Dec 2023 on Daily timeframe. Gold experienced a bearish trend after touching R2 and bouncing down towards R1. Dropped from the price position of 2071.73 at the end of the month to the current price position of 1979.87. Even so this gold is still above the kumo cloud on the ichimoku indicator and also if referring to the stochastic indicator it looks like there has been a long saturation. Therefore go-long can be an option when the trend reversal occurs due to oversold. But if gold is unable to reverse the trend and then continue bullish through R1, then go-short is an option. Keep an eye on the market movements and calculate all possibilities before making trading decisions.

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