Daily Price Outlook

- Gold inches up, steadying at $2,334.43 with potential resistance at $2,364.

- Market dynamics suggest a stable yet cautious trading environment for gold.

- Short-term strategy: Sell below $2,350, with take profit at $2,315 and stop loss at $2,372.

The price of gold nudged higher to $2,334.43, marking a modest increase of 0.19%. With the pivot point at $2,296, gold's technical landscape suggests a cautiously bullish sentiment. Resistance levels are set at $2,364, $2,398, and $2,468, which if breached could indicate a stronger upward momentum. Conversely, support levels at $2,264, $2,194, and $2,162 provide a safety net against potential declines.

The Relative Strength Index (RSI) at 54, coupled with the 50-day Exponential Moving Average (EMA) at $2,316, underscores a balanced market dynamic, neither overly bought nor sold. This alignment suggests that gold is navigating a stable path, with a potential to oscillate around these key levels.

For traders, a cautious approach might be prudent. A sell strategy below $2,350, targeting a take profit at $2,315, with a stop loss at $2,372, could capitalize on short-term fluctuations.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2350

Take Profit – 2315

Stop Loss – 2372

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$3500/ -$2200

Profit & Loss Per Mini Lot = +$350/ -$220



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