Gold Intraday: Under Pressure
Gold prices remain under pressure today, hovering around the key pivot level of 2650.00, which acts as significant resistance. As long as gold remains below this level, the market sentiment leans bearish. Here is a detailed intraday analysis to guide your trading decisions.
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Our Preference: Short Positions Below 2650.00
Traders should consider entering short positions below the 2650.00 resistance level. The targets for these positions are set at:
2608.00 (First target)
2593.00 (Extended target)
The bearish bias remains dominant as long as Gold stays under this pivotal resistance.
Alternative Scenario: Upside Potential Above 2650.00
If Gold breaks above the 2650.00 resistance level, the outlook shifts to a bullish sentiment. In this scenario, traders can look for:
2666.00 (First upside target)
2678.00 (Extended upside target)
This shift would signal a reversal in momentum, offering potential long opportunities.
EUR/USD Price Action Analysis for Intraday Forex Trading
Key Insights: Market Commentary
As long as the 2650.00 resistance holds, expect choppy price action with a bearish bias.
Traders should closely monitor price movements around this critical level to confirm trends before entering trades.
Supports and Resistances
Resistance Levels:
2678.00 (Major resistance)
2666.00 (Secondary resistance)
2650.00 (Key pivot and immediate resistance)
Support Levels:
2608.00 (First support target)
2593.00 (Extended support target)
2580.00 (Major support)
Trading Strategy and Signals
For Short Trades:
Entry Point: Below 2650.00
Take-Profit Targets: 2608.00 and 2593.00
Stop-Loss: Place a stop-loss above 2650.00 to manage risk.
For Long Trades:
Entry Point: Above 2650.00
Take-Profit Targets: 2666.00 and 2678.00
Stop-Loss: Place a stop-loss below 2650.00.
Technical Analysis: The Role of RSI
The Relative Strength Index (RSI) indicates bearish momentum as Gold struggles to overcome the 2650.00 resistance level. This further validates the downside bias, but traders should remain cautious of potential reversals near the pivot.
Conclusion
Gold's intraday outlook remains bearish under the 2650.00 pivot. Traders should align their strategies with market movements and adhere to disciplined risk management. Short positions below 2650.00 offer the best opportunities for the day, while a breakout above this level could open doors for upside potential.
Stay informed, trade wisely, and keep an eye on these key levels for successful intraday trading.
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