Daily Price Outlook

- Gold (XAU/USD) is trading at $2338.97, up 0.21%, above the pivot point of $2326.84.

- Immediate resistance levels are $2352.61, $2368.37, and $2392.98; support at $2307.23.

- RSI at 31 suggests oversold conditions, with the 50-day EMA providing resistance at $2386.60.

Gold (XAU/USD) is currently trading at $2338.97, up 0.21%. The technical outlook suggests a bullish trend as the price is positioned above the pivot point of $2326.84. Immediate resistance is observed at $2352.61, with subsequent resistance levels at $2368.37 and $2392.98. On the downside, immediate support is noted at $2307.23, followed by $2291.85 and $2277.62.

The Relative Strength Index (RSI) is currently at 31, indicating that gold is approaching oversold conditions, which could suggest a potential reversal or stabilization around this level. The 50-day Exponential Moving Average (EMA) is at $2386.60, providing significant resistance near the upper levels.

Traders should consider an entry price for buying above $2327, with a take-profit target of $2358 and a stop-loss set at $2307. This strategy leverages the potential for further upside while managing risk. The current market conditions, highlighted by the RSI and EMA, suggest a cautiously optimistic outlook for gold.

In conclusion, the bullish trend is supported by the price positioning above the pivot point and the RSI indicating oversold conditions.

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

GOLD (XAU/USD) - Technical Analysis

Entry Price – Buy Above 2327

Take Profit – 2358

Stop Loss – 2307

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$3100/ -$2000

Profit & Loss Per Mini Lot = +$310/ -$200



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