Daily Price Outlook

- Gold exhibits slight gains, trading near $2,064.55 with subdued momentum.

- Key resistance and support levels identified for short-term trading strategies.

- Neutral RSI and proximity to the 50 EMA indicate a balanced market sentiment.

Gold's technical outlook on January 3 suggests a cautious market posture. Currently trading at $2,064.55, the precious metal has seen a marginal increase of 0.02%. The 4-hour chart indicates pivotal resistance and support levels. Resistance is eyed at $2,078, $2,088, and $2,106, while support lies at $2,045, $2,029, and $2,017.

The Relative Strength Index (RSI) hovers around 49, signaling a neutral stance, neither overbought nor oversold. Additionally, Gold's proximity to its 50-Day Exponential Moving Average (EMA) of $2,059 suggests a balanced trend. Investors might consider a buy limit at $2,058, targeting $2,078, with a stop loss at $2,047.

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

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Limit 2058

Take Profit – 2078

Stop Loss – 2047

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$2000/ -$1100

Profit & Loss Per Mini Lot = +$200/ -$110



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