Daily Price Outlook

- Gold marginally ascended to $2,046, with a pivot point at $2,034 shaping the near-term outlook.

- Resistance and support levels delineate the battleground for bulls and bears, with $2,060 as the immediate hurdle.

- Technical indicators suggest caution, as overbought RSI may signal a retracement, despite the price hovering above the 50 EMA.

As the curtain rises on the last trading day of November, gold exhibits a subtle uptrend, with the price slightly inching up by 0.09% to $2,046. This incremental rise is a testament to the precious metal’s persistent allure amid a complex macroeconomic tableau. On the technical front, gold’s movements are encapsulated within a well-defined range, characterized by a pivot point at $2,034, which serves as the crucible for its short-term trajectory.

The immediate resistance for gold is perched at $2,060, with further barricades at $2,087 and $2,112. Should the luster of gold diminish, it would find support at $2,017, with additional safety nets at $2,017 and $1,975, promising to arrest any potential freefalls.

Indicators paint a mixed picture; the Relative Strength Index (RSI) stands at an elevated 73, traditionally signaling overbought conditions that could precede a pullback. However, the Moving Average Convergence Divergence (MACD) at 0.57, with a signal of 12.34, isn’t as emphatic, offering no clear directional bias. The 50-Day Exponential Moving Average (EMA), currently at the $2,040 mark—gold’s current trading price—suggests a neutral to slightly bullish sentiment, as prices teeter above this moving average.

The chart patterns observed do not assert a dominant narrative, with gold’s recent price action not forming any discernible patterns that would imply a breakout in either direction. This lack of pattern clarity dovetails with the hovering RSI, painting a picture of uncertainty.

In conclusion, the golden narrative is cautiously optimistic, buoyant above the pivot point of $2,034, yet vulnerable to shifts in sentiment. The short-term forecast is bullish with an eye on the resistance at $2,060, but traders should brace for volatility, especially given the overextended RSI.

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

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 2037

Take Profit – 2055

Stop Loss – 2028

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1800/ -$900

Profit & Loss Per Mini Lot = +$180/ -$90



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.