Daily Price Outlook

- Gold (XAU/USD) trades at $2,328.880, down 0.05%, with key support at $2,307.15.

- Immediate resistance levels at $2,351.74, $2,380.52, and $2,392.98 mark potential upward targets.

- RSI at 33 suggests oversold conditions, with 50 EMA at $2,370.91 providing resistance.

Gold (XAU/USD) is currently trading at $2,328.880, experiencing a slight decline of 0.05%. The pivot point at $2,350.00 serves as a crucial level for determining the next market direction.

Immediate resistance is found at $2,351.74, followed by $2,380.52 and $2,392.98. On the downside, immediate support is seen at $2,307.15, with further support at $2,291.62 and $2,277.79.

Technical indicators reveal the Relative Strength Index (RSI) at 33, indicating oversold conditions. The 50-day Exponential Moving Average (EMA) is positioned at $2,370.91, suggesting potential resistance if the price attempts to rebound.

Given the current setup, the outlook for gold appears bearish below the pivot point of $2,350.00. However, if the price manages to stay above $2,325, it could signal a potential buying opportunity with a take profit target of $2,350 and a stop loss at $2,315.

This strategy aims to capitalize on potential short-term rebounds while maintaining a cautious approach.

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

GOLD (XAU/USD) - Technical Analysis

Entry Price – Buy Above 2325

Take Profit – 2350

Stop Loss – 2315

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$2500/ -$1000

Profit & Loss Per Mini Lot = +$250/ -$100



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.