GOLD Pivot Trading Strategy Dec 31
XM Global Pivot Trading Strategy - XM Biggest Cashback Code 6M888. Dec 31th 2024
TECHNICAL ANALYSISMARKET UPDATES
12/31/20241 min read


General Chart Overview
Timeframe: 15-minute, suitable for short-term or intraday trading.
Price Level: The current price is near 2,603.73, with volatility evident.
Indicators Used: Pivot points, support/resistance levels, and volatility bands (e.g., Bollinger Bands or Keltner Channels).
Key Observations
Support and Resistance Levels:
Pivot Point (P): 2,609.96
Resistance:
R1: 2,608.59
R2: 2,611.52
R3: 2,614.45
Support:
S1: 2,602.73
S2: 2,599.80
S3: 2,596.87
Price Bias: The price is trading below the Pivot Point, reflecting a bearish sentiment. If the S1 level at 2,602.73 holds, a bounce could occur; otherwise, a drop toward S2 or further is likely.
Trade Setup
The highlighted green zone signals a potential short trade:
Entry Zone: Near upper boundary of the green rectangle or Pivot Point.
Targets (TP):
TP1: 2,602.73 (S1).
TP2: 2,599.80 (S2).
TP3: 2,596.87 (S3).
Stop-Loss: Above 2,609.96 (Pivot Point).
Volatility Band Insight
The price is near the lower band, suggesting oversold conditions, but momentum remains bearish. If the price closes below S3, it may confirm further downward movement.
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Risk Management Reminder
Use appropriate position sizing.
Monitor for fundamental factors that may cause sudden volatility in gold prices (e.g., US dollar movement, geopolitical events).
This chart suggests a scalping or short-term swing trading opportunity based on bearish momentum. However, monitor for potential reversals, especially if global events or economic data influence Gold's volatility.
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