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Dec 02, 2024

XAU/USD chart on the hourly time frame

XAU/USD chart on the hourly time frame

Gold price opens today's trading with a noticeable negativity, heading towards achieving an expected decline during the upcoming sessions, targeting a test of the 2600.00 barrier initially, noting that breaking it will extend the downward wave to reach the 2560.00 levels and then 2513.15 as subsequent negative stations.
Therefore, the downward trend will be expected for today with the price remaining below 2658.00, as breaching this level will stop the current negative pressure and lead the price to regain the main upward trend again.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
2631.57
2629.07
2627.14
2624.56
2622.14
2620.36
2617.94
USOIL chart on the hourly time frame

USOIL chart on the hourly time frame

Oil price achieved a clear break of the 68.64 level and closed the last daily candle below it, to fall under expected negative pressure during the upcoming sessions and head towards achieving negative targets starting at 67.00 and extending to 65.50 after breaking the previous level.
Therefore, the bearish bias is expected for today, noting that breaking 68.64 will stop the current negative pressure and lead the price to start new recovery attempts in the short term.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
68.359
68.300
68.264
68.208
68.149
68.113
68.049
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