Daily Price Outlook

- Bullish Trend: Gold maintains a bullish trend above $2,376.154.

- Immediate Resistance: Key resistance levels to watch are $2,395.702 and $2,406.246.

- Support Levels: Immediate support is at $2,360.833, with further support at $2,347.332 and $2,331.560.

Gold is trading at $2,385.460, up 0.36% for the day, maintaining a bullish trajectory. The 4-hour chart shows a pivot point at $2,376.154, which serves as a critical support level. Immediate resistance is observed at $2,395.702, followed by $2,406.246 and $2,417.292.

These levels are key indicators for potential upward momentum, with the immediate resistance acting as a crucial barrier for further gains.

On the downside, immediate support is at $2,360.833, with additional support levels at $2,347.332 and $2,331.560. These support levels are vital for maintaining the bullish outlook, as a break below them could indicate a shift in market sentiment.

The 50-day Exponential Moving Average (EMA) at $2,348.267 provides further support, aligning closely with the current price and reinforcing the bullish trend.

The Relative Strength Index (RSI) is currently at 63, suggesting moderate bullish momentum. An RSI above 50 generally indicates an upward trend, but a level of 63 also hints at the approach of overbought conditions, warranting cautious optimism.

The formation of a bullish trend is supported by a series of higher highs and higher lows, along with strong buying interest above the pivot point of $2,376.154. However, traders should be vigilant for any signs of reversal, especially if the price fails to break through the immediate resistance levels.

In conclusion, the technical outlook for gold remains bullish above the pivot point of $2,376.154. An entry price for buying is recommended above $2,375, with a take profit target at $2,395 and a stop loss at $2,360. This strategy balances the potential for further gains against the risk of a downward correction.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2375

Take Profit – 2395

Stop Loss – 2360

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2000/ -$1500

Profit & Loss Per Mini Lot = +$200/ -$150



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