Gold 23rd December 2024 Daily Analysis based on Main Key Levels

In this blog post, we provide a detailed analysis of the Gold market as of December 23, 2024. Understanding key support and resistance levels is crucial for making informed trading decisions. Let’s dive into the current market overview.

Current Market Overview

📍 Daily Current Market Price (DCMP): 2625

Key Levels

Resistance (Above DCMP):

• 🛑 Resistance 1: 2654 (Intraday Sell Trade)

• 🛑 Resistance 2: 2673

• 🛑 Resistance 3: 2704
  

Support (Below DCMP):

• ✅ Support 1: 2593 (Intraday Buy Trade)

• ✅ Support 2: 2615

• ✅ Support 3: 2574
  

Swing Levels

• 📉 Swing High: 2726

• 📉 Swing Low: 2583
  

  

  
  

Intraday Trade Setups

Intraday Buy Trade Setup

🔹 Entry Price: ✨ 2593 🔹 Stop Loss: ❌ 2588 🔹 Take Profit 1: 🎯 2615 🔹 Take Profit 2: 🎯 2624

Reason for Entry: The price is approaching a key support level at 2593, suggesting a potential intraday buy opportunity. The first target is 2615, followed by 2624. Stop loss is placed at 2588 to limit potential losses.

Intraday Sell Trade Setup

🔹 Entry Price: ✨ 2654 🔹 Stop Loss: ❌ 2657 🔹 Take Profit 1: 🎯 2673 🔹 Take Profit 2: 🎯 2704

Reason for Entry: Resistance at 2654 indicates a potential sell setup. A short position from this level targets 2673 initially, followed by 2704. Stop loss is set at 2657 to mitigate risk.

Summary

Gold is currently trading at 2625. The key resistance levels are 2654, 2673, and 2704, while support levels are at 2593, 2615, and 2574. The swing high is at 2726 and the swing low is at 2583. An Intraday Buy is suggested at 2593 targeting 2615 and 2624, while an Intraday Sell is recommended at 2654 targeting 2673 and 2704.

Stay tuned for more insights and analyses to enhance your trading strategies in the Gold market!