Gold intraday trading analysis with pivot points and RSI

Gold Intraday: Key Resistance at 2651.50

Gold prices remain under pressure as the market hovers around the crucial pivot level of 2651.50, acting as a strong resistance. Today’s intraday sentiment leans bearish unless Gold breaks above this level. Below is a detailed analysis to support your trading strategy.

---

Our Preference: Short Positions Below 2651.50

Traders are advised to consider short positions as long as Gold stays below the resistance of 2651.50. The expected downside targets are:

• 2634.00 (First target)
• 2621.00 (Extended target)

This bearish outlook is supported by the current market dynamics and technical indicators.

---

Alternative Scenario: Upside Potential Above 2651.50

In the event of a breakout above 2651.50, the market could shift to a bullish bias. Potential upside targets for long trades include:

• 2666.00 (First upside target)
• 2678.00 (Extended upside target)

Traders should remain cautious and wait for confirmation before entering long positions above this level.

---

Market Commentary

• As long as 2651.50 holds as resistance, expect choppy price action with a bearish bias.
• Price movements around this pivot level will be critical for determining the next trend direction.

---

Supports and Resistances

Resistance Levels:

• 2678.00 (Major resistance)
• 2666.00 (Intermediate resistance)
• 2651.50 (Key pivot level and immediate resistance)

Support Levels:

• 2634.00 (First support)
• 2621.00 (Extended support)
• 2580.00 (Major support level)

---

Trading Strategy and Signals

For Short Trades:

1. Entry Point: Below 2651.50
2. Take-Profit Targets: 2634.00 and 2621.00
3. Stop-Loss: Place a stop-loss above 2651.50 to manage risk.

For Long Trades:

1. Entry Point: Above 2651.50
2. Take-Profit Targets: 2666.00 and 2678.00
3. Stop-Loss: Place a stop-loss below 2651.50.

---

Technical Analysis: Key Insights

The Relative Strength Index (RSI) suggests that the bearish momentum persists unless there’s a significant breakout above the pivot level of 2651.50. For now, the resistance holds firm, keeping the intraday sentiment in favor of sellers.

---

Conclusion

Gold’s intraday outlook remains bearish under the pivot level of 2651.50. Traders are encouraged to focus on short opportunities below this resistance while staying alert for potential breakouts. Adhering to disciplined risk management is key to capitalizing on these market movements.

Stay informed, trade wisely, and keep these levels in focus for today’s trading session.