Daily Price Outlook

- Gold remains steady, trading just under the key pivot point of $2293.

- Technical indicators suggest possible oversold conditions, hinting at potential upward correction.

- Resistance and support levels are tightly set, highlighting a crucial phase for gold's short-term price movements.

As of today, the price of gold stands at $2286.275, showing no change from the previous session. The precious metal is trading just below a pivotal mark at $2293, suggesting a tentative stance among investors as they navigate through various economic indicators and geopolitical tensions.

The immediate resistance for gold is observed at $2313, with further resistance levels marked at $2330 and $2353. These thresholds are critical if gold is to regain its upward momentum. Conversely, support levels are established at $2277, followed by $2257 and $2233. These points could provide a cushion should gold face downward pressure.

Technical indicators lend a nuanced view of the current market conditions. The Relative Strength Index (RSI) is currently at 30, indicating that gold might be in oversold territory, which typically precedes a potential reversal or at least some corrective upward movement. Meanwhile, the 50-Day Exponential Moving Average (EMA) stands at $2332, which gold has been unable to reclaim, reinforcing the significance of these resistance levels.

Given the strategic setup, a cautious approach might be advisable. Investors should consider a sell limit order at $2300, targeting a take profit at $2278, with a stop loss set at $2315.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Limit 2300

Take Profit – 2278

Stop Loss – 2315

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$2200/ -$1500

Profit & Loss Per Mini Lot = +$220/ -$150



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