Daily Price Outlook

- Gold (XAU/USD) trading at $2339.040, up 0.31%

- Pivot point at $2333.49 with immediate resistance at $2356.91

- Entry price for selling below $2332, with take profit at $2355 and stop loss at $2320

Gold (XAU/USD) is trading at $2339.040, up 0.31%, reflecting a slight recovery from recent dips. The 4-hour chart indicates a pivot point at $2333.49. Immediate resistance levels are set at $2356.91, $2378.70, and $2401.14, while support levels are identified at $2307.47, $2286.32, and $2267.78.

Technical indicators provide further insight into the current market conditions. The Relative Strength Index (RSI) is neutral at 50, indicating neither overbought nor oversold conditions. The 50-day Exponential Moving Average (EMA) stands at $2324.65, suggesting a support level slightly below the current price, which can act as a cushion in the event of downward pressure.

Given the current technical setup, the strategy involves an entry price for selling below $2332, with a take-profit target at $2355 and a stop loss at $2320. This approach considers the potential for gold to face resistance at higher levels while acknowledging the support provided by the 50 EMA.

A break above the immediate resistance at $2356.91 could indicate further bullish momentum, pushing prices toward the next resistance levels of $2378.70 and $2401.14.

Conversely, if gold falls below the pivot point of $2333.49, the immediate support at $2307.47 and subsequent levels at $2286.32 and $2267.78 will be crucial to watch. Overall, gold's outlook remains cautiously bullish above the pivot point of $2333.49.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2332

Take Profit – 2355

Stop Loss – 2320

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$2300/ -$1200

Profit & Loss Per Mini Lot = +$230/ -$1200



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