Daily Price Outlook

- Gold price ascends to $2,345.54, with a bullish trend above pivot point $2,328 and resistance up to $2,390.

- RSI near overbought at 68, with 50-day EMA at $2,271 supporting a sustained uptrend.

- Trading strategy: Buy above $2,338, aim for $2,373, and set stop loss at $2,313.

Gold's market stance on April 9 reveals a subtle uptick, with the price ascending to $2,345.54, marking a 0.26% increase. The pivot point at $2,328 suggests a bullish undertone, while immediate resistance is identified at $2,354. Further resistance levels are projected at $2,373 and $2,390. On the downside, support can be found at $2,302, followed by $2,273 and $2,248.

The Relative Strength Index (RSI) stands at 68, nearing overbought territory, which could signal a forthcoming price correction if the index surpasses 70. The 50-day Exponential Moving Average (EMA) at $2,271 indicates a solid upward trend over the medium term, reinforcing the gold market's bullish sentiment.

Given these dynamics, the recommended trading strategy involves entering long positions above $2,338, targeting a take-profit level at $2,373, and setting a stop loss at $2,313 to manage risk.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2338

Take Profit – 2373

Stop Loss – 2313

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3500/ -$2500

Profit & Loss Per Mini Lot = +$350/ -$250



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