Gold: May fall to 2625.00 - 2632.00 (READ DESCRIPTION)
Gold: May fall to 2625.00 - 2632.00
Pivot Point: 2658.00
This level serves as a key resistance. As long as Gold remains below this point, the downside is expected to dominate.
Primary Strategy (Our Preference):
Entry Point:
Take short positions below 2658.00 with the following downside targets:
Target 1: 2632.00
The first support level where the price might find temporary relief.
Target 2: 2625.00
A continuation of bearish momentum could push the price towards this lower support level.
Alternative Scenario:
Entry Point:
If Gold breaks above 2658.00, expect the following upside targets:
Target 1: 2664.00
The price may rally toward this level if bullish pressure picks up.
Target 2: 2670.00
A further break above 2664.00 could lead to an extension toward this higher level.
Technical Outlook:
Resistance:
The resistance at 2658.00 is a key level. As long as it holds, there is a high probability that Gold will continue to move lower.
RSI Indicator:
The RSI is below 50%, indicating bearish momentum. As long as the RSI stays below this neutral zone, the downside risk is elevated.
Market Sentiment:
The overall sentiment suggests a bearish bias. As long as 2658.00 remains intact as resistance, look for downward pressure towards 2632.00 and possibly 2625.00.
Pivot Point: 2658.00
This level serves as a key resistance. As long as Gold remains below this point, the downside is expected to dominate.
Primary Strategy (Our Preference):
Entry Point:
Take short positions below 2658.00 with the following downside targets:
Target 1: 2632.00
The first support level where the price might find temporary relief.
Target 2: 2625.00
A continuation of bearish momentum could push the price towards this lower support level.
Alternative Scenario:
Entry Point:
If Gold breaks above 2658.00, expect the following upside targets:
Target 1: 2664.00
The price may rally toward this level if bullish pressure picks up.
Target 2: 2670.00
A further break above 2664.00 could lead to an extension toward this higher level.
Technical Outlook:
Resistance:
The resistance at 2658.00 is a key level. As long as it holds, there is a high probability that Gold will continue to move lower.
RSI Indicator:
The RSI is below 50%, indicating bearish momentum. As long as the RSI stays below this neutral zone, the downside risk is elevated.
Market Sentiment:
The overall sentiment suggests a bearish bias. As long as 2658.00 remains intact as resistance, look for downward pressure towards 2632.00 and possibly 2625.00.
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