Gold May Rise to 2652.00 - 2667.00 (READ DESCRIPTION)Gold May Rise to 2652.00 - 2667.00
Pivot Point: 2627.00
The pivot point at 2627.00 serves as a key support level. As long as the price remains above this level, the outlook remains bullish with a potential path towards higher targets.
Primary Strategy (Our Preference):
Entry Point: Long positions should be considered as long as the price stays above 2627.00.
Target Levels:
2652.00: The first target, indicating a continuation of the upward trend. This level marks a possible resistance where the price may consolidate or extend further.
2667.00: The next target, representing further upward momentum if the bullish trend continues.
Alternative Scenario:
If the price falls below 2627.00, traders should consider shifting to short positions.
Entry Point: Initiate short positions if the price breaks below 2627.00.
Target Levels:
2618.00: The first downside target, which may act as a minor support level.
2604.00: The next support level, signaling potential further weakness if bearish momentum increases.
Technical Outlook:
RSI Indicator: The break above 2627.00 is a positive signal, but the RSI will offer further insight into the strength of the bullish move.
MACD Indicator: The MACD is likely positive, reinforcing the potential for continued upside if the price remains above the pivot.
Moving Averages: The price above its key moving averages supports the bullish sentiment, especially with a break above the pivot level.
Market Dynamics:
A break above 2627.00 suggests bullish momentum, opening a path toward the 2652.00 and 2667.00 targets.
Traders should monitor price action closely, as a fall below the pivot would signal the possibility of downside targets at 2618.00 and 2604.00.
Summary:
As long as gold remains above the pivot of 2627.00, the path toward 2652.00 and 2667.00 looks promising.
A drop below the pivot could shift sentiment, with downside targets at 2618.00 and 2604.00 coming into focus.
