Daily Price Outlook

    In today's Daily Technical Outlook for GOLD (XAU/USD) on October 5, the current price of Gold stands at $1,857.17 million, with a 4-hour chart timeframe.

    Key price levels to watch include a pivot point at $1,874 billion, immediate resistance at $1,901 billion, and subsequent resistances at $1,954 billion and $1,983 billion. Immediate support can be found at $1,821 billion, followed by $1,793 billion and $1,741 billion.

    Technical indicators reveal an oversold condition as the Relative Strength Index (RSI) sits at 27.17. The MACD line is slightly above the signal line, hinting at potential upward momentum, while the 50-Day Exponential Moving Average (50 EMA) indicates a short-term bearish trend with a value of $1,836.44.

    The observed chart pattern suggests an oversold condition with the completion of a 23.6% Fibonacci level, potentially paving the way for bullish moves to the 38.2% or 50% Fibonacci levels.

    In conclusion, the overall trend for Gold appears neutral, with a range-bound movement between $1,830 and $1,816. A breakout will be the deciding factor for the next directional move, with a short-term forecast anticipating a test of resistance at $1,901 billion in the days ahead.

    GOLD Price Chart – Source: Tradingview
    GOLD Price Chart – Source: Tradingview

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Buy Stop 1834

    Take Profit – 1856

    Stop Loss – 1820

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$2200/ -$1400

    Profit & Loss Per Micro Lot = +$220/ -$140

    Entry Price – Sell Stop 1813

    Take Profit – 1790

    Stop Loss – 1829

    Risk to Reward – 1: 1.4

    Profit & Loss Per Standard Lot = +$2300/ -$1600

    Profit & Loss Per Micro Lot = +$230/ -$160



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