Daily Price Outlook

- Gold prices increased to $2,368.020 amid a weaker US dollar and speculation of a Fed rate cut.

- Key support at $2,366.521 aligns with the 50 EMA, indicating a critical pivot point.

- Traders are advised to buy above $2,363, targeting a profit at $2,380 with a stop loss at $2,354.

Gold prices have shown a modest uptick in the latest trading session, buoyed by a slight dip in the US dollar. The precious metal is currently trading at $2,368.020, reflecting a 0.14% increase.

The gold market has seen consolidation around the $2,366.521 level, which aligns closely with the 50-period Exponential Moving Average (EMA).

The Relative Strength Index (RSI) at 54 indicates a neutral stance, suggesting that gold is neither overbought nor oversold at current levels. This equilibrium in RSI often precedes a significant price move, making it crucial for traders to watch closely for any emerging trends.

The key pivot point at $2,366.521 serves as a critical support level, reinforcing the current trading range. Immediate resistance is pegged at $2,379.352, followed by subsequent resistance levels at $2,391.215 and $2,402.888.

On the downside, immediate support is identified at $2,363.530, with next support levels at $2,355.365 and $2,354.352. These levels will be pivotal in determining the short-term trajectory of gold prices.

Traders should consider entering a buy position above $2,363, with a target of taking profit at $2,380 and a stop loss set at $2,354.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2363

Take Profit – 2380

Stop Loss – 2354

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1700/ -$900

Profit & Loss Per Mini Lot = +$170/ -$90



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