Gold Technical Analysis: (READ DESCRIPTIO)Gold Technical Analysis: Bullish Outlook
Pivot Point: 2717.00
Gold is currently exhibiting signs of a potential upward move, with support established at 2717.00. The technical indicators suggest a preference for long positions as the precious metal is poised for further gains.
Our Preference: Long Positions
Recommended Trade:
Long positions are favored above 2717.00, with targets set at:
First Target: 2747.00
Second Target: 2758.00
This indicates a potential rise as the bullish momentum strengthens.
Alternative Scenario: Downside Potential
If Gold falls below 2717.00, consider looking for downside targets at:
First Target: 2709.00
Second Target: 2700.00
This would suggest a shift in momentum and a potential corrective move.
Technical Indicators:
RSI (Relative Strength Index):
The RSI shows strong upside momentum, signaling buying strength.
Price Action and Trends:
Above 2717.00:
As long as the price remains above this pivot point, the upside trend is expected to prevail, potentially targeting 2747.00 and 2758.00.
Below 2717.00:
A break below this support level would invalidate the bullish scenario, opening up potential losses toward 2709.00 and 2700.00. This would indicate a shift in momentum toward a bearish correction.
