Daily Price Outlook

- Gold prices are consolidating above $2,300 with a neutral bias.

- Watch for resistance at $2,341.65, $2,356.04, and $2,372.84.

- Support levels to monitor are $2,299.09, $2,287.04, and $2,271.29.

Gold prices are holding steady above the $2,300 psychological level, but the technical outlook suggests a potential bearish reversal.

The 4-hour chart reveals the metal is trading slightly above its pivot point at $2,327.33, while the 50-day Exponential Moving Average (EMA) provides near-term support at $2,327.47.

However, the Relative Strength Index (RSI) reading of 50 indicates a neutral sentiment in the market. This suggests a potential consolidation phase before the next directional move.

Traders should monitor key resistance levels at $2,341.65, $2,356.04, and $2,372.84 for potential selling opportunities if the bullish momentum stalls.

On the downside, immediate support rests at $2,299.09, followed by $2,287.04 and $2,271.29. A break below these levels could trigger further selling pressure.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Limit 2325

Take Profit – 2300

Stop Loss – 2342

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$2500/ -$1700

Profit & Loss Per Mini Lot = +$250/ -$170



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