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Gold Market Insights- Key Strategies and Levels
Comprehensive Breakdown with Fibonacci, EMA, RSI Divergence, Weekly Pivots, SMC Concepts, and Support/Resistance Levels.
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As of September 20, 2024, Gold is trading at $2593, and the market is showing several notable signals using a mix of technical analysis tools. This Gold Market Insights blog helps traders to capitalize on Fibonacci retracements, Exponential Moving Averages (EMA), RSI divergence, weekly pivots, and Smart Money Concepts (SMC) alongside key support and resistance levels.
Fibonacci & EMA Levels:
The 61.8% Fibonacci retracement from the recent high aligns with $2580, showing strong support. The 100 EMA sits at $2570, indicating a potential bounce zone, while the 200 EMA at $2605 serves as a dynamic resistance. The 400 EMA, positioned around $2620, remains a longer-term resistance level to watch.
RSI Divergence:
RSI divergence on the 4-hour timeframe indicates weakening selling pressure, suggesting a possible reversal or consolidation around the current price levels.
Weekly Pivots:
The pivot point for this week is near $2590, adding to the confluence of support. The resistance pivots are $2610 and $2635, while support pivots lie at $2575 and $2550.
SMC Concepts & Support-Resistance:
Smart Money Concepts suggest liquidity around $2570-$2580 and $2610. Immediate support is seen at $2580, while resistance at $2605 will be crucial for bulls.
Summary of Key Levels:
Support: $2580, $2570, $2550
Resistance: $2605, $2610, $2635
Fibonacci Levels: 61.8% at $2580
EMA Levels: 100 EMA ($2570), 200 EMA ($2605), 400 EMA ($2620)
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