Daily Price Outlook

- Pivot point at $2330 critical for direction; watch for breaks below for selling opportunities.

- Resistance levels set at $2349, $2370, and $2393 could limit upward movements.

- Support levels at $2296, $2277, and $2260 offer buying opportunities on dips.

In today's trading session, Gold (XAU/USD) posted a slight increase, nudging up by 0.04% to $2317.31, signaling a stabilization within a tight trading range. The technical structure suggests that the pivot point at $2330 remains a crucial juncture for determining Gold’s short-term trajectory.

Resistance levels have been clearly delineated at $2349, $2370, and $2393. These thresholds represent potential selling pressure points that could cap upward movements should gold attempt to extend gains.

Conversely, the support structure begins notably lower at $2296, followed by $2277 and $2260. These levels could act as cushions if the price retreats, offering potential buying opportunities for traders looking to capitalize on dips.

Technical indicators, including the Relative Strength Index (RSI) at 52, hint at a neutral market sentiment, neither overbought nor oversold, suggesting potential for both upward and downward movements.

The 50-day Exponential Moving Average (EMA) at $2315 provides near support, reinforcing the $2330 pivot level as a critical threshold. If prices sustain below this pivot, it could trigger a bearish trend towards the lower support levels.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2330

Take Profit – 2295

Stop Loss – 2350

Risk to Reward – 1: 1.4

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

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



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