Daily Price Outlook

- Gold price slightly down at $2158.57, trading near critical resistance at $2163 with potential bearish bias.

- Technical indicators show neutral to slight bearish sentiment, with RSI at 47 and close alignment with the 50-day EMA.

- Advised cautious sell position below $2162, aiming for $2152 with a stop loss at $2168, as market evaluates further direction.

Gold's price experienced a marginal decrease, trading at $2158.57, down by 0.01%. The precious metal is hovering around pivotal levels as traders and investors gauge market directions amidst fluctuating global economic cues. With a current pivot point at $2163, gold faces immediate resistance at $2169, followed by higher resistance levels at $2176 and $2184. On the downside, support is found at $2153, with further cushions at $2147 and $2139, indicating potential floors for price retracements.

The RSI indicator stands at 47, suggesting a neutral to slightly bearish sentiment among market participants. The 50-day Exponential Moving Average (EMA), positioned at $2153, is closely aligned with the current price, offering a potential support zone that could influence short-term price movements.

A downward trendline extending resistance near the $2160 level hints at a bearish bias below this mark. Investors might consider this a cue for potential sell trades, should the price fail to breach the $2162 resistance. Given the current technical setup, a cautious approach is advised, with a recommended entry price for selling below $2162, targeting a take profit at $2152, and setting a stop loss at $2168. This cautious stance reflects the market's ongoing evaluation of gold's value as it navigates through various economic indicators and geopolitical developments.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2162

Take Profit – 2152

Stop Loss – 2168

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1000/ -$600

Profit & Loss Per Mini Lot = +$100/ -$60



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