Gold current price at 10’o Clock on 15/Fab/2024 = $1992
| Strong Resistance Zones | Strong Support Zones |
| 1st Gold Resistance Area = 1995 – 1997 2nd Gold Resistance Area = 2003 – 2005 3rd Gold Resistance Area = 2009 – 2012 | 1st Gold Support Area = 1988 – 1985 2nd Gold Support Area = 1980 – 1978 3rd Gold Support Area = 1975 – 1972 |
Market Overview For Gold Trading:
Gold XAUUSD has maintained a $12 range as we navigate a period of consolidation following recent substantial losses. Despite briefly dipping below $1987, the metal only reached $1984. Amidst this consolidation, I find comfort in aligning with the prevailing two-week bear trend.
- Minor Resistance: $1995/$1997
- Additional Resistance: $2003/$2005
- Strong Resistance (Potential Sell Opportunity): $2010/$2014 (with stop above $2017)
Market Sentiment: For Gold Trading:
Trading in the direction of the bear trend seems prudent, especially with minor resistance expected at $1995/$1997 and a subsequent hurdle at $2003/$2005. While a recovery beyond this point seems unlikely, a noteworthy scenario would be an unexpected surge to encounter strong resistance at $2010/$2014, presenting an excellent sell opportunity, with the stop strategically placed above $2017.
Future Projections For Gold Trading:
Looking ahead, the trajectory suggests a continuation of the descent towards $1981/$1980 and $1974/$1972. Further losses are conceivable, potentially extending 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, Happy Trading!
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