GOLD (Spot) intraday: the downside prevails.
Pivot: 1583.00
Our Preference: SHORT positions below 1583 with 1532 & 1510 as next targets.
Alternative scenario: The upside penetration of 1583 will call for a rebound towards 1592 & 1600.
Comment: the immediate trend remains down and the momentum is strong.
Trend: ST Ltd downside; MT Bearish
Key levels Comment
1600** Intraday resistance
1592** Intraday resistance
1583** Intraday pivot point
1554 Last
1532*** Intraday support
1510* Intraday support
1480*** Key MT support
Our Preference: SHORT positions below 1583 with 1532 & 1510 as next targets.
Alternative scenario: The upside penetration of 1583 will call for a rebound towards 1592 & 1600.
Comment: the immediate trend remains down and the momentum is strong.
Trend: ST Ltd downside; MT Bearish
Key levels Comment
1600** Intraday resistance
1592** Intraday resistance
1583** Intraday pivot point
1554 Last
1532*** Intraday support
1510* Intraday support
1480*** Key MT support
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