Daily Price Outlook

- Enter a buy position if gold price exceeds the $2,320 pivot, targeting a take profit at $2,354.

- Implement a stop-loss at $2,305 to mitigate risks in case the market moves unfavorably.

- Regularly monitor RSI and 50 EMA indicators to confirm prevailing market trends and sentiment.

Gold prices experienced a slight downturn today, trading at $2,333.435, a decrease of 0.20%. The 4-hour chart reveals a technical landscape where the metal is currently fluctuating around a pivotal point of $2,320.43. The market's direction appears to hinge on the ability of gold to sustain levels above this pivot, which could set the stage for an upward movement toward the immediate resistance at $2,353.05.

If gold successfully breaches this first resistance, subsequent targets lie at $2,373.72 and $2,401.28, suggesting potential for a more significant rally if bullish momentum gathers pace. Conversely, should gold falter and drop below the pivot point, it may seek support at lower levels of $2,290.91, followed by $2,268.21 and $2,244.57, which would indicate a strengthening bearish sentiment.

Current technical indicators provide a mixed outlook; the Relative Strength Index (RSI) is at 51, signaling a relatively neutral market sentiment, neither overbought nor oversold. The 50-Day Exponential Moving Average (EMA) at $2,326.43 sits just above the pivot, underscoring a tentative bullish inclination in the near term.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2320

Take Profit – 2354

Stop Loss – 2305

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3400/ -$1500

Profit & Loss Per Mini Lot = +$340/ -$150



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