Gold Market Update – Asian Session Overview & London Session Outlook
Asian Market Recap: The Asian session today started with a cautious approach, seeing relatively low volume but a steady price movement. Price action has been primarily between the $2,730 and $2,746 zones, showing that buyers are trying to push above resistance levels while bears hold steady, reflecting cautious optimism in the market. Indicators, including RSI and MACD, showed moderate bullishness, but without a strong breakout.
London Session Setup:
1. Entry for Scalping: • Short Bias: If price hits $2,746 and shows rejection, enter a short. • TP1: $2,740 • TP2: $2,735 • SL: $2,748 • Long Bias: If price holds above $2,731 and confirms on a 5-minute close. • TP1: $2,735 • TP2: $2,740 • SL: $2,728
2. Intraday Entry: • Short Entry: If price tests $2,746 and rejects, enter short. • TP1: $2,730 (trailing) • TP2: $2,718 • SL: $2,748 • Long Entry: If price remains stable above $2,730. • TP1: $2,750 • TP2: $2,758 • SL: $2,728
Targets at $2,760 and Retrace to $2,708?
• If bullish sentiment builds, gold could attempt to test $2,760 by early European hours. However, retracement to $2,708 may occur if strong bearish momentum builds from economic news or geopolitical factors, possibly by the U.S. session.
Geo-Political & Economic News Impact:
• Geopolitical tensions could support gold prices, especially if tensions increase; this would strengthen demand for safe-haven assets. • Economic data expected today could trigger volatility. Positive news might push gold lower, while negative economic indicators could reinforce bullish momentum.
Timing (Cairo Time):
• Asian Close: Approx. 8:00 AM • London Open: 10:00 AM • U.S. Data Release: Around 3:30 PM
Mohamed
THE Ichimoku MAN on the Nile
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