Daily Price Outlook

- Gold (XAU/USD) rose to $2303.75, up 0.21%, indicating cautious bullish sentiment.

- Immediate resistance levels are $2296.33, $2312.08, and $2322.30.

- RSI at 38 suggests neutral to slightly oversold conditions, supporting potential upward movement.

Gold (XAU/USD) has shown a modest rise to $2303.75, marking a 0.21% increase. The market continues to navigate within a constrained range, reflecting cautious sentiment amid various global economic influences.

Immediate resistance levels are noted at $2296.33, $2312.08, and $2322.30. On the downside, immediate support levels are positioned at $2328.90, $2286.75, and $2279.51. These levels are critical as they could signal potential shifts in market direction.

The Relative Strength Index (RSI) stands at 38, indicating a neutral to slightly oversold condition, which might suggest a potential for upward movement if the buying momentum increases.

The 50-day Exponential Moving Average (EMA) is currently at $2322.37, serving as a significant resistance level. A breach above this EMA could further strengthen the bullish outlook.

Given the current technical setup, a buy entry above $2297 is recommended, with a target take profit at $2312 and a stop loss set at $2286. This strategy leverages the current support and resistance levels to maximize potential gains while mitigating risks. Gold remains slightly bullish above the pivot point of $2297.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2297

Take Profit – 2312

Stop Loss – 2286

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$1500/ -$1100

Profit & Loss Per Mini Lot = +$150/ -$110



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