Daily Price Outlook

    Gold's price action on the four-hour chart presents a cautiously optimistic outlook, as it trades at $2,353.12 within an ascending channel. The metal's stance above the pivot point at $2,320 is indicative of its current strength. This pivotal level will play a decisive role in determining the continuation of the uptrend or a potential shift in momentum.

    Looking ahead, gold faces immediate resistance at $2,375. Should it breach this barrier, the path to $2,390.488 and possibly $2,408.061 may be cleared. Conversely, a retreat from current levels would see support at the $2,320 pivot point, with additional safety nets at $2,290.73 and $2,272.985 should downward pressure intensify.

    The Relative Strength Index, currently at 65.54, suggests buyers have been active, although nearing overbought territory could signal a forthcoming pause or pullback. Aligning with this bullish perspective, the 50-day Exponential Moving Average (EMA) at $2,290.73 acts as a dynamic support level, reinforcing the uptrend. However, the appearance of Doji candles—a sign of indecision among traders—hints at a potential slow down in the current price ascent.

    Traders looking to capitalize on this setup might consider a strategic entry above the pivot of $2,320, with a profit-target near the immediate resistance at $2,375, to capture potential upward moves.

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

    GOLD (XAU/USD) - Trade Ideas

    Entry Price – Buy Above 2340

    Take Profit – 2375

    Stop Loss – 2320

    Risk to Reward – 1: 1.6

    Profit & Loss Per Standard Lot = +$3500/ -$2000

    Profit & Loss Per Mini Lot = +$350/ -$200



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