Gold May Fall to 2615.00 - 2625.00 (READ DESCRIPTION)Gold May Fall to 2615.00 - 2625.00
Pivot Point: 2650.00 – This level acts as key resistance, capping potential upside moves. A sustained break above it would indicate a shift in momentum.
Primary Strategy (Our Preference):
Entry Point: Short positions below 2650.00.
Target Levels:
2625.00: This serves as the initial downside target, indicating a potential decline from the pivot point.
2615.00: If bearish momentum continues, further downside towards this level is likely.
Alternative Scenario:
Entry Point: If the price moves above 2650.00, consider long positions.
Target Levels:
2659.00: A move higher could test this resistance level first.
2670.00: Further bullish momentum may drive Gold toward this higher resistance.
Technical Outlook:
RSI Indicator: Likely indicates bearish sentiment, suggesting a risk of further declines as long as resistance at 2650.00 holds.
MACD Indicator: May be below its signal line, reinforcing the bearish momentum.
Moving Averages: Gold is likely trading below its 20- and 50-period moving averages, suggesting continued short-term weakness.
Market Dynamics:
As long as 2650.00 remains resistance, further price declines are anticipated, targeting 2625.00 and potentially 2615.00.
A break above 2650.00 could shift momentum to the upside, with targets at 2659.00 and 2670.00, indicating a reversal of the current bearish trend.
