Daily Price Outlook
- Gold hovers around the $1,972 level, with potential support at $1,968.
- Technical indicators, including the 50-day exponential moving average, RSI, and MACD, support a bullish trend for Gold.
- Resistance is observed at $1,980, with the possibility of further gains towards $1,984 and $1,985 levels.
Gold traded around the $1,972 level on Wednesday, displaying various fluctuations. The previous breach of the 23.6% Fibonacci retracement level at $1,968 suggests it may act as a support level for Gold. Key technical indicators, including the 50-day exponential moving average, RSI, and MACD, support a bullish trend, indicating a strong likelihood of a continued upward movement.
On the upside, resistance is observed around the $1,980 level, and a breakthrough above this level could drive prices towards $1,984. Furthermore, if Gold surpasses the $1,984 level, it may target the 61.8% Fibonacci retracement level at $1,985.
However, market focus remains on the release of the FOMC meeting minutes from the US economy, as any indications or insights about future monetary policy could significantly impact Gold’s price action. Hence, it is important to keep a close watch on the $1,968 or $1,965 levels, as they are likely to serve as key support levels for Gold’s price movements today.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) - Trade Idea
Entry Price – Buy Above 1965
Stop Loss – 1950
Take Profit – 1985
Risk to Reward – 1 : 1.33
Profit & Loss Per Standard Lot = +$2000/ -$1500
Profit & Loss Per Micro Lot = +$200/ -$150
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