Daily Price Outlook

    Gold (XAU/USD) saw notable movement on Monday, with the precious metal rising by approximately 1.60%. Today, it remains mostly neutral, with a marginal 0.01% increase. This price action follows concerns related to geopolitical tensions, which have contributed to the recent volatility in gold markets.

    In terms of key price levels, the pivot point stands at $1851. Immediate resistance levels include $1869, followed by $1889 and $1904. On the support side, levels to watch are $1830, $1812, and $1792. These price levels represent crucial areas where traders and investors may encounter significant buying or selling pressure.

    Looking at technical indicators, the Relative Strength Index (RSI) currently registers at 66. While not in overbought territory, it suggests a relatively bullish sentiment in the market. The 50-Day Exponential Moving Average (50 EMA) is valued at $1848, indicating that the price is currently above this level, which aligns with a short-term bullish trend.

    One significant technical observation is the bullish crossover above the 50 EMA (blue line), suggesting a buying trend. This development implies potential bullish momentum in the market, further supported by the current RSI reading.

    In conclusion, the overall trend for gold appears to be bullish, particularly as long as the price remains above the 50 EMA at $1848. Traders should closely monitor this key level for potential trading opportunities in the coming days. The short-term forecast suggests the possibility of testing the resistance at $1869 and beyond.

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

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Sell Limit 1864

    Take Profit – 1843

    Stop Loss – 1880

    Risk to Reward – 1: 1.3

    Profit & Loss Per Standard Lot = +$2100/ -$1600

    Profit & Loss Per Micro Lot = +$210/ -$160



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