Daily Price Outlook

- Gold trading at $2,359.260; pivot point at $2,360.079.

- Immediate resistance at $2,367.000; support at $2,351.388.

- RSI at 40.07, indicating approaching oversold conditions.

Gold Spot (XAU/USD) is currently trading at $2,359.260 on the 2-hour chart. The key pivot point is at $2,360.079 (Green line). Immediate resistance is observed at $2,367.000, with further resistance at $2,379.404 and $2,391.215.

On the downside, immediate support is located at $2,351.388, followed by $2,342.804 and $2,326.893. The 50-day Exponential Moving Average (EMA) is positioned at $2,360.079, while the 200-day EMA stands at $2,351.388.

The Relative Strength Index (RSI) is currently at 40.07, suggesting that the asset is approaching oversold territory. This level indicates potential buying interest may emerge if the RSI moves below 30.

The 50-day EMA is at $2,360.079, closely aligning with the current price and acting as a pivot point for potential upward or downward movements. The 200-day EMA at $2,351.388 offers a critical support level that could determine the near-term direction of Gold.

For traders, a strategic entry point is recommended above $2,351 with a take profit level at $2,367. A stop loss should be set at $2,342 to manage risk effectively. Maintaining above the pivot point of $2,360.079 could indicate a bullish trend continuation, whereas falling below could reinforce a bearish outlook.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2351

Take Profit – 2367

Stop Loss – 2342

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1600/ -$900

Profit & Loss Per Mini Lot = +$160/ -$90



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