Daily Price Outlook
* Gold maintained a neutral bias with a trading range between $2020 and $2047.
* Technical indicators like the 50-day exponential moving average act as resistance at $2035 levels.
* Investors may look for a bounce above the $2025 level, while a break below $2020 may find support at $2010 or $2000 levels.
On Monday, the price of gold maintained a neutral bias, with a wide trading range between $2020 and $2047. Investors are waiting for upcoming fundamental news from the US economy, as the US inflation failed to drive any significant movement.
Technical indicators such as the 50-day exponential moving average are acting as resistance around $2035 levels, while the RSI and MACD indicators are holding in a buying and oversold zone respectively, indicating a lack of direction for investors.
On the daily timeframe, the trendline is expected to support gold prices near the $2025 level, and above this level, investors may look for a potential bounce. However, if gold breaks below $2020, the next support is likely to be found around the $2010 or $2000 levels.
On the upside, gold is expected to face immediate resistance around the $2047 and $2060 levels.
Gold (XAU/USD) Trade Idea
Entry Price – Buy Limit $2025
Stop Loss – $2015
Take Profit – $2050
Risk to Reward – 1 : 2
Profit & Loss Per Standard Lot = +$2500/ -$1000
Profit & Loss Per Micro Lot = +$250/ -$100
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