Daily Price Outlook

- Pivot Point at $2,362.57 is crucial for determining bullish or bearish bias.

- Immediate Resistance Levels: $2,378.22, $2,389.35, $2,403.83.

- Immediate Support Levels: $2,352.71, $2,346.77, $2,337.10.

Gold is currently trading at $2,357.26, down 0.03% for the day. On the 4-hour chart, key price levels suggest potential movements. The pivot point, marked by the green line, is at $2,362.57, a critical level for traders to watch.

Immediate resistance is located at $2,378.22, followed by $2,389.35 and $2,403.83. If gold breaks through these resistance levels, it could signal further bullish momentum. Conversely, immediate support is found at $2,352.71, with additional support levels at $2,346.77 and $2,337.10. Should gold fall below these levels, it may indicate a bearish trend.

Technical indicators provide further insights. The Relative Strength Index (RSI) stands at 60, suggesting that gold is in a slightly bullish territory but not yet overbought. The 50-day Exponential Moving Average (EMA) is at $2,347.60, closely aligning with the current price, indicating that recent price movements are in line with the medium-term trend.

The overall technical outlook for gold remains cautiously bullish above the pivot point of $2,362.57. A break above this level could prompt further buying interest, targeting the immediate resistance levels. However, if gold fails to hold above the pivot point, it may test the immediate support levels, potentially leading to increased selling pressure.

Conclusion: The recommended entry price for a buy limit is $2,352, with a take profit target at $2,370 and a stop loss at $2,345.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Limit 2352

Take Profit – 2370

Stop Loss – 2345

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$637/ -$422

Profit & Loss Per Mini Lot = +$63/ -$42



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