Gold daily price is above Ichimoku cloud with the primary bullish area of the chart, but the Stochastic indicator is near to be in overbought condition indicating the possible correction in the near future for example. The price is on secondary ranging within 4169/4353 support resistance levels waiting for the direction of the secondary correction to be started or for the strong bullish trend to be continuing. Recommendation: waiting for the direction of s/r lines to be crossed by the daily close bar.
2025.12.16 18:14
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The daily price is located to be near and above Ichimoku cloud within 4996/5419 s/r channel waiting for the direction of the secondary correction to the bearish reversal to be started or for the primary bullish trend to be continuing.
Trading Summary: waiting for direction.
The daily price broke the several resistance levels to above (incl resistance level at 5410 on close daily bar). Price is on strong daily breakout; and the next target is 5597 resistance level for the bullish breakout to be continuing; otherwise - ranging for direction.
As we see from the chart - the price broke resistance level at 4353 to above for the next target at 4550. But this target was broken yesterday (13.01.2026) on close daily bar. So, the next resistance level/target for now is 4634. If the price crosses this 4634 resistance to above on close daily bar so the primary bullish trend will be continuing; alternatively, we may see the secondary ranging to correction.