Daily Price Outlook

- Gold trades at $2326.89, down 0.30%, with neutral RSI at 59.

- Immediate resistance at $2328.77 and support at $2317.38.

- Entry: Buy above $2323; Take Profit: $2336; Stop Loss: $2317.

Gold (XAU/USD) is trading at $2326.89, down 0.30%. The 4-hour chart indicates key levels to watch, with the pivot point at $2321.81. Immediate resistance is at $2328.77, followed by $2337.48 and $2344.92.

On the downside, immediate support is found at $2317.38, with further support levels at $2312.31 and $2306.29.

The Relative Strength Index (RSI) is currently at 59, suggesting that the market is neither overbought nor oversold, indicating neutral momentum. The 50-day Exponential Moving Average (EMA) stands at $2319.50, acting as a crucial support level. If the price remains above this EMA, it could signal further bullish momentum.

Traders are advised to consider entry positions above $2323, aiming for a take-profit level at $2336 and setting a stop loss at $2317.

This strategy capitalizes on the immediate resistance at $2328.77 and aims for the next resistance at $2337.48. Conversely, a break below the immediate support at $2317.38 could trigger a more pronounced sell-off towards $2312.31 and $2306.29.

In summary, while gold is currently experiencing a slight downturn, the overall outlook remains cautiously bullish above the $2321.81 pivot point.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2323

Take Profit – 2336

Stop Loss – 2317

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1300/ -$600

Profit & Loss Per Mini Lot = +$130/ -$60



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