Daily Price Outlook

- Gold is trading at $2315.315, down 0.19%, reflecting continued bearish pressure.

- The pivot point at $2320.17 is critical for determining further market direction.

- RSI at 37 and 50-day EMA at $2334.85 indicate bearish sentiment and resistance.

Gold prices are under pressure, trading at $2315.315, down 0.19%. The 4-hour chart shows a pivot point at $2320.17, indicating a critical level for market direction. Immediate resistance levels are set at $2335.29, $2346.16, and $2355.37.

On the downside, immediate support is found at $2304.20, followed by $2296.11 and $2286.75.

The Relative Strength Index (RSI) is currently at 37, reflecting bearish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $2334.85, serving as a resistance level near the current price.

Given the current technical indicators, the outlook for gold remains bearish below the pivot point of $2320.17. A sustained move below this level could trigger further declines towards the immediate support at $2304.20.

Conversely, a break above the immediate resistance at $2335.29 could indicate a shift towards a bullish trend, but this seems unlikely given the prevailing market conditions.

For traders, the strategy remains to sell below $2320, with a target take profit level at $2303 and a stop loss set at $2329.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2320

Take Profit – 2303

Stop Loss – 2329

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1700/ -$900

Profit & Loss Per Mini Lot = +$170/ -$90



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