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Dec 18, 2024

XAU/USD chart on the hourly time frame

XAU/USD chart on the hourly time frame

Gold price is still trading in the same range to reinforce expectations of the continuation of the downward trend in the short term, waiting to visit the levels of 2615.00 and then 2600.00 mainly.

Note that breaking 2687.00 will stop the downward wave and lead the price to return to the main upward path again.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
2654.13
2651.20
2649.44
2646.56
2643.76
2642.00
2639.07
USOIL chart on the hourly time frame

USOIL chart on the hourly time frame

Oil prices made additional negative trades yesterday to approach the 69.00 barrier, waiting for further decline to test the 68.65 level which represents the main negative target, noting that breaking it will push the price to incur additional losses reaching 67.75.

Therefore, we continue to favor the downward trend on the short-term, reminding that breaking 70.58 will stop the downward wave and lead the price to recover again.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
70.211
70.132
70.086
70.005
69.934
69.882
69.811
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