Gold Intraday: Key Resistance at 2574.00 (READ DESCRIPTION)
Gold Intraday Analysis: Key Resistance at 2574.00
Pivot Point:
2574.00
- Primary Strategy (Our Preference):
Entry Point: Consider initiating short positions below the pivot level of 2574.00.
Target Levels: The initial downside target is set at 2547.00, a significant support level. If bearish momentum continues, look for an extension towards 2536.00, which represents a lower support zone and potential profit-taking area.
- Alternative Scenario:
Entry Point: If the price rises above the 2574.00 pivot, this could signal further upside potential.
Target Levels: In this case, the first upside target would be 2588.00, a near-term resistance level. Should bullish momentum persist, anticipate a further rise towards 2600.00, where stronger resistance is expected.
- Technical Outlook:
RSI Analysis: The RSI indicator is mixed, suggesting the need for caution. This indicates that the market could experience volatility, and traders should be prepared for potential shifts in momentum.
Support and Resistance: The 2574.00 level has established itself as a key resistance point. As long as the price remains below this level, the bearish outlook remains intact. However, a break above this pivot would shift the outlook to bullish, with potential gains towards the identified targets.
Market Sentiment: Current sentiment is uncertain, with mixed signals from the RSI. Traders should closely monitor price action around the pivot point to determine the most likely direction.
Pivot Point:
2574.00
- Primary Strategy (Our Preference):
Entry Point: Consider initiating short positions below the pivot level of 2574.00.
Target Levels: The initial downside target is set at 2547.00, a significant support level. If bearish momentum continues, look for an extension towards 2536.00, which represents a lower support zone and potential profit-taking area.
- Alternative Scenario:
Entry Point: If the price rises above the 2574.00 pivot, this could signal further upside potential.
Target Levels: In this case, the first upside target would be 2588.00, a near-term resistance level. Should bullish momentum persist, anticipate a further rise towards 2600.00, where stronger resistance is expected.
- Technical Outlook:
RSI Analysis: The RSI indicator is mixed, suggesting the need for caution. This indicates that the market could experience volatility, and traders should be prepared for potential shifts in momentum.
Support and Resistance: The 2574.00 level has established itself as a key resistance point. As long as the price remains below this level, the bearish outlook remains intact. However, a break above this pivot would shift the outlook to bullish, with potential gains towards the identified targets.
Market Sentiment: Current sentiment is uncertain, with mixed signals from the RSI. Traders should closely monitor price action around the pivot point to determine the most likely direction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.