Gold current price at 10’o Clock on 14/Fab/2024 = $1992.5
| Strong Resistance Zones | Strong Support Zones |
| 1st Gold Resistance Area = 1997 – 2000 2nd Gold Resistance Area = 2004 – 2007 3rd Gold Resistance Area = 2009 – 2012 | 1st Gold Support Area = 1992 – 1990 2nd Gold Support Area = 1980 – 1978 3rd Gold Support Area = 1976 – 1973 |
Market Dynamics:
Gold XAUUSD recently tested resistance at $2023/$2026 and remained below $2029, prompting a short position. The metal experienced a significant downturn following the release of the Consumer Price Index (CPI), breaking support at $2013/$2011. Subsequently, Gold hit the next targets at $2003/$2000 and $1990, with the latter coinciding with the 100-day moving average, suggesting a potential bounce. However, this rebound is not guaranteed, and engaging in long positions is considered risky. A cautious approach would be to consider using any recovery as an opportunity for shorts at $2007/$2010, setting stops above $2015. The targets for these shorts are $1998 and $1991.
Sell Signal:
A break below $1987 serves as today’s sell signal, with the stop positioned above $1993. The potential targets for this sell-off are $1981/$1980 and $1974/$1972. Further losses could extend eventually as far as $1967/$1965.
Whether you’re a seasoned trader navigating the intricate world of Gold trading or a newcomer testing the waters, these detailed insights aim to provide a nuanced perspective on the current market trends. Wishing you fruitful and informed trading sessions on this day, February 14, 2024!
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