Daily Price Outlook

- Immediate resistance levels are set at $2163.05, followed by $2168.99, and $2176.48, suggesting that a breakthrough could lead to further upward momentum.

- Conversely, support levels are identified at $2146.52, with additional floors at $2139.00 and $2131.14, marking critical zones where buying interest could re-emerge.

- The Relative Strength Index (RSI) hovers around 48, indicating a neutral market sentiment. Meanwhile, the 50-day Exponential Moving Average (EMA) at $2153.554 closely aligns with the pivot point, suggesting a balanced tug-of-war between bulls and bears.

In today's technical outlook, GOLD's price shows a slight uptick, registering at $2159.165, marking a 0.07% increase. Analyzing the 4-hour chart, GOLD has approached key levels that signal potential future movements. The pivot point stands at $2153.10, acting as a reference for the session's bias.

Considering the current setup, the overall trend for GOLD seems cautiously optimistic, with a bias towards bullishness above the $2155 mark. Investors are advised to monitor these levels closely, as a decisive break could dictate the short-term direction. Entry is recommended above $2155, with a take profit target set at $2165 and a stop loss at $2150, to manage risk effectively.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2155

Take Profit – 2165

Stop Loss – 2150

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1000/ -$500

Profit & Loss Per Mini Lot = +$100/ -$50



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