Gold Intraday Analysis: (READ DESCRIPTION)
Gold Intraday Analysis: Further Advance Expected
Pivot Point: 2611.00
Primary Strategy (Our Preference):
Entry Point: Consider initiating long positions above the pivot level of 2611.00.
Target Levels: The first upside target is set at 2645.00, which represents a significant resistance level. If momentum sustains, anticipate an extension towards 2653.00, where further resistance and potential profit-taking may occur.
Alternative Scenario:
Entry Point: If the price falls below 2611.00, it could signal potential downside pressure.
Target Levels: In this case, the first downside target would be 2602.00, a near-term support level. If bearish momentum continues, expect a further drop towards 2592.00, a stronger support zone.
Technical Outlook:
RSI Analysis: The RSI is currently bullish, indicating the potential for continued upward momentum. This supports the primary strategy of long positions.
Market Sentiment: As long as the price remains above the pivot point of 2611.00, the outlook favors a bullish scenario. However, a break below this level could lead to a bearish shift, warranting caution.
Pivot Point: 2611.00
Primary Strategy (Our Preference):
Entry Point: Consider initiating long positions above the pivot level of 2611.00.
Target Levels: The first upside target is set at 2645.00, which represents a significant resistance level. If momentum sustains, anticipate an extension towards 2653.00, where further resistance and potential profit-taking may occur.
Alternative Scenario:
Entry Point: If the price falls below 2611.00, it could signal potential downside pressure.
Target Levels: In this case, the first downside target would be 2602.00, a near-term support level. If bearish momentum continues, expect a further drop towards 2592.00, a stronger support zone.
Technical Outlook:
RSI Analysis: The RSI is currently bullish, indicating the potential for continued upward momentum. This supports the primary strategy of long positions.
Market Sentiment: As long as the price remains above the pivot point of 2611.00, the outlook favors a bullish scenario. However, a break below this level could lead to a bearish shift, warranting caution.
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