Gold Short Idea- All Time High
Current Price: $2625
Expected Short Entry: $2635-2640
Stop Loss: $2655
Take Profits: $2615, $2600, $2580, $2550, $2535
Technical Overview:
Gold has recently reached an all-time high of $2625, showing significant strength. However, based on my analysis, there’s a clear trendline resistance around the $2635-$2640 zone. I expect a pullback from this area, making it a strong entry point for a short position.
The stop loss is set at $2655 to allow room for potential volatility while protecting against a breakout above resistance. My take profit targets are positioned at key support levels: $2615, $2600, $2580, $2550, and $2535.
Fundamental Context:
Amid the geopolitical tensions, especially the ongoing Israel and Lebanon conflict, gold is highly influenced by safe-haven demand. While the conflict has been a driving force behind the current rally, market participants may soon start to factor in profit-taking or a short-term retracement, as uncertainty can cause fluctuations in price.
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