Daily Price Outlook

- GOLD price falls 0.58% to $2371.99, with pivot point at $2351.

- Immediate resistance at $2410; support at $2334.

- Technical indicators signal potential selling trend; consider entry below $2389, with $2410 stop loss.

In today's technical outlook for GOLD on April 16th, the precious metal experienced a decline, reaching $2371.99, marking a decrease of 0.58%. Analyzing the chart timeframe, the pivot point is established at $2351, indicating a pivotal level for potential price movements. Immediate resistance levels are observed at $2410, followed by $2432 and $2454. Conversely, immediate support lies at $2334, with subsequent levels at $2305 and $2277.

Technical indicators highlight the significance of the 50-day Exponential Moving Average, currently at $2341. Notably, a double top pattern is forming, exerting resistance around $2389. This pattern, coupled with the presence of a doji candle below this level, suggests a potential shift towards a selling trend.

In conclusion, traders may consider a sell strategy below $2389, with a take-profit target at $2350 and a stop-loss set at $2410. These key price levels and technical insights provide valuable guidance for navigating gold's current market dynamics.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2 389

Take Profit – 2 350

Stop Loss – 2 410

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$386/ -$213

Profit & Loss Per Mini Lot = +$38/ -$21



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