Gold Support&Resistance Levels for comming week 20th May to 24th
Current Scenario
Resistance Levels:
2440: Gold has faced rejections around this area previously, indicating a strong resistance level. Traders should be cautious about going long near this level unless there is a decisive breakout.
2450: A major resistance level. If the price breaks and sustains above this level, it could trigger a significant short-covering rally.
Support Levels:
2400: Immediate support. If gold dips to this level and holds, it could be a good opportunity to go long, considering the uptrend.
2375: Another crucial support level. If this level holds, it reinforces the buy-the-dip strategy.
2370: If this level is violated, a reassessment of the bullish view is necessary, as it might indicate further downside potential.
Trading Strategy
Cautious Long Position Near 2440: Since this area has seen rejections, consider waiting for a clear breakout above 2440 before initiating long positions.
Buy the Dip: Look for opportunities to buy near the 2400 and 2375 support levels, as long as they hold. These levels have shown strength in supporting the price.
Watch 2370 Closely: If gold prices fall below 2370, it could invalidate the current bullish outlook, suggesting a potential shift in market sentiment.
Potential Upside: If gold breaks above 2450 and sustains, a sharp move upwards to 2550-2600 could be on the cards. This would be driven by short-covering and new long positions entering the market.
Summary
Be cautious around 2440 resistance.
Consider buying near 2400 and 2375 supports, maintaining a bullish outlook as long as these levels hold.
Reassess positions if gold breaks below 2370.
A breakout above 2450 could lead to a rapid move to 2550-2600, offering a significant upside potential.
Stay sharp and ready for some thrilling action in the gold market!
Resistance Levels:
2440: Gold has faced rejections around this area previously, indicating a strong resistance level. Traders should be cautious about going long near this level unless there is a decisive breakout.
2450: A major resistance level. If the price breaks and sustains above this level, it could trigger a significant short-covering rally.
Support Levels:
2400: Immediate support. If gold dips to this level and holds, it could be a good opportunity to go long, considering the uptrend.
2375: Another crucial support level. If this level holds, it reinforces the buy-the-dip strategy.
2370: If this level is violated, a reassessment of the bullish view is necessary, as it might indicate further downside potential.
Trading Strategy
Cautious Long Position Near 2440: Since this area has seen rejections, consider waiting for a clear breakout above 2440 before initiating long positions.
Buy the Dip: Look for opportunities to buy near the 2400 and 2375 support levels, as long as they hold. These levels have shown strength in supporting the price.
Watch 2370 Closely: If gold prices fall below 2370, it could invalidate the current bullish outlook, suggesting a potential shift in market sentiment.
Potential Upside: If gold breaks above 2450 and sustains, a sharp move upwards to 2550-2600 could be on the cards. This would be driven by short-covering and new long positions entering the market.
Summary
Be cautious around 2440 resistance.
Consider buying near 2400 and 2375 supports, maintaining a bullish outlook as long as these levels hold.
Reassess positions if gold breaks below 2370.
A breakout above 2450 could lead to a rapid move to 2550-2600, offering a significant upside potential.
Stay sharp and ready for some thrilling action in the gold market!
Comentário:
As expected rejected on top now checking the support menitoned above 2400 and 2375 areas.
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2400 area support held so far
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2370 voilated price fell
