Introduction
Welcome to Free Robot Forex, where we provide expert intraday level insights for traders. Today, we focus on the gold market with a detailed analysis and price predictions for XAUUSD.
Gold Intraday Market Analysis
Our Preference
For today’s trading, we recommend short positions below 2370.00 with targets at 2342.00 and 2327.00 in extension.
Alternative Scenario
In case the price moves above 2370.00, look for further upside with targets at 2385.00 and 2392.00.
Comment
The RSI has broken down its 30 level, indicating a potential bearish trend.
Supports and Resistances
| Level | Value |
|---|---|
| Resistance | 2392.00 |
| Resistance | 2385.00 |
| Resistance | 2370.00 |
| Last | 2355.40 |
| Support | 2342.00 |
| Support | 2327.00 |
| Support | 2311.00 |
Gold Intraday: bullish bias above 2359.00.
Pivot: 2359.00
Our preference: long positions above 2359.00 with targets at 2371.00 & 2377.00 in extension.
Alternative scenario: below 2359.00 look for further downside with 2351.00 & 2342.00 as targets.
Comment: the next resistances are at 2371.00 and then at 2377.00.
| Level | Value |
|---|---|
| Resistance | 2392.00 |
| Resistance | 2377.00 |
| Resistance | 2371.00 |
| Last | 2363.50 Last |
| Support | 2359.00 |
| Support | 2351.00 |
| Support | 2342.00 |
Supports and resistances:
Best Indicators for Gold Intraday Trading
To enhance your gold intraday trading strategy, it is crucial to use reliable indicators. Some of the best indicators for gold intraday trading include Moving Averages, Relative Strength Index (RSI), Bollinger Bands, and the Moving Average Convergence Divergence (MACD). These indicators help identify trends, potential reversal points, and entry/exit signals.
Live Gold Intraday Trading Tips
- Stay Updated with Market News: Keep an eye on economic reports and geopolitical events that can impact gold prices.
- Use Technical Analysis: Rely on technical indicators and chart patterns to make informed trading decisions.
- Set Stop-Loss Orders: Protect your trades from unexpected market movements by setting stop-loss levels.
- Manage Your Risk: Never risk more than a small percentage of your trading capital on a single trade.
- Practice Patience: Wait for clear signals before entering a trade to increase your chances of success.
By following these tips and using the right indicators, you can improve your intraday trading performance and achieve better results.
Conclusion
Today’s market analysis suggests a cautious approach to gold trading, with a preference for short positions below 2370.00. By utilizing the best indicators and following our live trading tips, you can navigate the intraday market effectively. Stay informed and make strategic decisions to maximize your trading potential.