Daily Price Outlook

- Gold trading at $2,330.695, down 0.06%

- Pivot point at $2,344 with immediate resistance at $2,347.54 and support at $2,318.85

- RSI at 55 and 50 EMA at $2,325.67 indicating neutral market sentiment.

Gold (XAU/USD) is currently trading at $2,330.695, down 0.06% for the day. On the 4-hour chart, the pivot point is set at $2,344.00, serving as a crucial level for traders to monitor.

Immediate resistance is found at $2,347.54, followed by higher resistance levels at $2,355.68 and $2,368.78. On the downside, immediate support is located at $2,318.85, with further support at $2,307.01 and $2,294.45.

Technical indicators show a mixed outlook. The Relative Strength Index (RSI) stands at 55, indicating neutral momentum. The 50-day Exponential Moving Average (EMA) is positioned at $2,325.67, suggesting a potential support level just below the current price level.

The market sentiment for gold appears cautious, with traders awaiting further economic data and market cues. The recent price movement suggests that the precious metal is struggling to find a clear direction.

A break above the immediate resistance of $2,347.54 could signal a short-term bullish trend, while a fall below the immediate support of $2,318.85 may lead to further declines.

In conclusion, traders might consider buying gold above $2,318 with a take profit target at $2,344 and a stop loss at $2,306.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2318

Take Profit – 2344

Stop Loss – 2306

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$360/ -$202

Profit & Loss Per Mini Lot = +$36/ -$20



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