Daily Price Outlook

- Gold trades slightly higher at $2,325.745, with neutral RSI at 52.

- Immediate resistance at $2,328.77, and support at $2,317.38.

- Buy above $2,321.81 with a target of $2,336 and stop loss at $2,315.

Gold prices have edged slightly higher today, with the metal currently trading at $2,325.745 on the 4-hour chart. The pivot point for today is established at $2,321.81, providing a crucial reference level for traders.

Immediate resistance levels are identified at $2,328.77, $2,337.48, and $2,344.92, suggesting potential price ceilings that could test the bullish momentum. On the downside, immediate support is noted at $2,317.38, with further support levels at $2,312.31 and $2,306.29, indicating floors that could halt a bearish trend.

Technical indicators are showing mixed signals. The Relative Strength Index (RSI) stands at 52, which indicates neutral momentum, neither overbought nor oversold. The 50-day Exponential Moving Average (EMA) is positioned at $2,319.18, closely aligning with the pivot point, suggesting this level as a critical area for short-term direction.

A price movement above this pivot point can potentially shift the market sentiment towards a bullish outlook, while a decline below it may trigger bearish trends.

In conclusion, the technical outlook for Gold (XAU/USD) today leans towards a cautious bullish sentiment, provided prices remain above the pivot point of $2,321.81. Traders are advised to consider entering long positions above this level, with a target take profit at $2,336 and a stop loss at $2,315 to mitigate potential downside risks.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2321

Take Profit – 2336

Stop Loss – 2315

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$1500/ -$600

Profit & Loss Per Mini Lot = +$150/ -$60



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