Daily Price Outlook

- Gold (XAU/USD) is trading at $23450.460, up 0.73% on the day, supported by bullish technical indicators.

- Key resistance levels to watch are $2349.34, $2356.79, and $2364.24, with immediate support at $2328.26.

- RSI is at 65, nearing overbought territory, while the 50 EMA at $2326.13 acts as a dynamic support level.

Gold (XAU/USD) is currently exhibiting bullish momentum, trading at $23450.460, up 0.73% on the day. This rise is supported by a favorable technical setup and positive market sentiment, as investors digest the latest economic data and central bank commentary.

The key price levels indicate a strong bullish trend with immediate resistance at $2349.34, followed by $2356.79 and $2364.24. On the downside, immediate support is found at $2328.26, with further support levels at $2315.91 and $2310.59.

The technical indicators reinforce this positive outlook. The Relative Strength Index (RSI) is at 65, suggesting that while the market is nearing overbought territory, there is still potential for further gains before a correction might be necessary.

The 50-day Exponential Moving Average (50 EMA) at $2326.13 acts as a dynamic support level, maintaining the overall bullish structure of the market. As long as the price remains above the pivot point of $2337.41 and the 50 EMA, the upward trend is likely to continue.

The recommended strategy is to enter above $2336, set a take-profit target at $2357, and place a stop loss at $2321.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2336

Take Profit – 2357

Stop Loss – 2321

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$2100/ -$1500

Profit & Loss Per Mini Lot = +$210/ -$150



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.