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Gold Intraday Analysis (READ DESCRIPTION)

Gold Intraday Analysis: Bullish Bias Above 2658.00

Pivot Point: 2658.00

Primary Strategy (Our Preference):

Entry Point: Consider initiating long positions above 2658.00.
Target Levels: The first upside target is set at 2685.00, with an extension towards 2694.00.

Alternative Scenario:

Downside Risk: Below 2658.00, expect potential downside targets at 2650.00 and 2640.00.

Technical Outlook:

Market Dynamics: While consolidation may continue, any downside movement is expected to be limited, maintaining the overall bullish bias.

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노트

Gold Intraday Analysis: Bullish Bias Above 2658.00
Pivot Point:
2658.00: This level acts as the critical point for market direction. Staying above this pivot confirms the bullish bias, while a break below would signal potential downside.
Primary Strategy (Our Preference):
Entry Point:
Initiate long positions above the pivot level of 2658.00 to capitalize on bullish momentum.
Target Levels:
2677.00: The first resistance level, indicating a potential 19-point advance from the pivot. This could be an ideal take-profit zone for short-term traders.
2685.00: A further extension beyond 2677.00 signals stronger bullish momentum, making this the secondary target for a continued uptrend.
Alternative Scenario:
Entry Point:
If the price breaks below 2658.00, consider short positions.
Target Levels:
2650.00: Immediate downside support. A break of this level signals increasing bearish momentum.
2640.00: A further downside target, suggesting a continuation of bearish pressure if the price weakens significantly.
Technical Outlook:
RSI Indicator: The RSI remains near neutral but leans bullish, suggesting potential upside momentum. Any sustained move above 50 reinforces this bullish trend.
MACD Indicator: Positive momentum is confirmed with the MACD line above its signal line. While the histogram shows continued upward pressure, it is not yet overextended, leaving room for further gains.

노트

Alternative scenario played out as mentioned.