Daily Price Outlook

    On October 30, the financial spotlight remains firmly on GOLD as its technical posture continues to be a focal point for traders globally. Currently, GOLD is priced at $2002.315, marking a modest decline of 0.23% over the last 24 hours.

    Although its exact rank can vary among different financial metrics, there's no disputing GOLD's stature as a premier trading asset. Its market capitalization, reflecting its significance, extends into the billions, underscoring its weight in global financial markets. The supply data, too, paints a picture of abundance, with millions of ounces in active circulation.

    Delving into key price levels, the asset finds its pivot point at $1994, with immediate resistance at $2012, followed by further resistances at $2032 and $2050. On the flip side, support levels are noted at $1980, $1964, and then $1947. The technical indicators are also telling. The RSI stands at 64, hovering above the 50 mark, signaling bullish sentiment.

    The MACD, with its line at 1.064, has surpassed the signal line at 8.31, hinting at a potential upward push. Furthermore, the 50 EMA for GOLD sits at $1969, and with the current price above this mark, a short-term bullish trend is suggested. The charts reveal an upward channel pattern for GOLD, emphasizing its bullish momentum.

    In conclusion, the overarching sentiment for GOLD leans bullish, particularly when it remains above the $1994 pivot point. If this momentum holds, the asset might soon be testing the $2012 resistance. However, it's always prudent for investors to stay attuned to global economic shifts that could sway GOLD's trajectory.

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

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Buy Above 1993

    Take Profit – 2030

    Stop Loss – 1972

    Risk to Reward – 1: 1.7

    Profit & Loss Per Standard Lot = +$3700/ -$2100

    Profit & Loss Per Micro Lot = +$370/ -$210



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