Daily Price Outlook

- Gold prices edged up to $2,334.76, hovering near the pivot point of $2,328.74.

- Key resistance and support levels set between $2,220.76 and $2,444.27, defining potential market movements.

- Current technical indicators suggest a neutral market, recommending cautious entry above $2,328 for potential gains.

On April 26, the price of gold marginally increased to $2,334.76, up 0.17%, reflecting modest market movements amidst varying global economic signals. Currently, the pivot point is set at $2,328.74, which serves as a crucial juncture for determining the metal's short-term trajectory.

Gold's immediate resistance lies at $2,356.18, with subsequent levels at $2,400.53 and $2,444.27. These resistance points are crucial markers that could dictate the pace of price ascensions if surpassed. Conversely, support levels are established at $2,292.92, $2,253.78, and $2,220.76. A breach below these could suggest a bearish turn, pressuring gold prices further.

From a technical perspective, the Relative Strength Index (RSI) at 50 indicates a balanced market condition, neither overbought nor oversold, suggesting that gold is currently in a state of equilibrium between buyers and sellers. Additionally, the 50-Day Exponential Moving Average (EMA) stands at $2,340.20, slightly above the current price, suggesting slight bearish pressure but also potential for upward movement if gold breaks through this average.

Given these indicators, the recommended trading strategy would be to initiate a buy above the pivot point of $2,328, with a target profit at $2,380 and a stop loss at $2,290.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2328

Take Profit – 2380

Stop Loss – 2290

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$5200/ -$3800

Profit & Loss Per Mini Lot = +$520/ -$380



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