Daily Price Outlook

    On March 7, Gold (XAU/USD) exhibited a commendable uptrend, marking a 0.47% increase to reach $2,158.25. This surge underscores a renewed investor interest in the precious metal as a hedge against potential market volatilities. The trading session highlighted significant movement beyond the pivot point of $2,146.02, suggesting a bullish sentiment in the market.

    Key resistance levels for Gold have been identified at $2,168.25, $2,182.32, and $2,196.38, which represent critical junctures that could either propel or limit further gains. Conversely, support levels established at $2,127.87, $2,114.71, and $2,098.83 offer a safety net against potential declines, underpinning the asset's resilience.

    Technical indicators further bolster this optimistic outlook, with the 50-Day Exponential Moving Average (EMA) at $2,042.37 and the 200-Day EMA at $1,982.27, both well below the current price, indicating sustained upward momentum.

    GOLD Price Chart - Source: Tradingview
    GOLD Price Chart - Source: Tradingview

    GOLD - Trade Ideas

    Entry Price – Buy Above 2147

    Take Profit – 2180

    Stop Loss – 2120

    Risk to Reward – 1: 1.2

    Profit & Loss Per Standard Lot = +$3300/ -$2700

    Profit & Loss Per Mini Lot = +$330/ -$270



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