Daily Price Outlook

- Gold Breaks Pivot: Surpassed $2221.05 pivot, indicating a strong bullish trend with potential to test higher resistances.

- Technical Indicators Align: RSI at 76 and rising 50 EMA confirm the robust upward momentum in gold prices.

- Strategic Trading Levels: Advised entry above $2225 with targets at $2245, cushioned by a stop loss at $2210, aligning with key technical levels.

On March 29, Gold (XAU/USD) experienced a notable increase, reaching $2233.12, a 1.74% gain, reflecting a robust bullish momentum in the market. The asset's movement has surpassed the pivot point at $2221.05, indicating potential for further upward trends. Key resistance levels are identified at $2243.71, $2259.74, and $2277.41, which could act as targets for continued bullish runs. Conversely, support levels are established at $2202.92, $2184.86, and $2165.23, providing potential fallback points should the market retract.

The technical indicators fortify the bullish outlook; the Relative Strength Index (RSI) at 76 suggests an overbought condition, signaling strong buying interest. Meanwhile, the 50-day Exponential Moving Average (EMA) at $2177.63 underscores a significant upward trend over the medium term, further corroborating the bullish sentiment in the market.

Considering these factors, the technical outlook for Gold suggests a strategic entry price for buying above $2225, with a take profit target at $2245, and a stop loss set at $2210 to manage risk.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2225

Take Profit – 2245

Stop Loss – 2210

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2000/ -$1500

Profit & Loss Per Mini Lot = +$200/ -$150



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