Daily Price Outlook
* Gold demonstrates a rebound after reaching a support level at $1952.
* Price may reach the 23.6% Fibonacci retracement level at $1968.
* Bullish momentum could lead to levels at $1987 and $1995.
On Friday, the price of gold experienced a slight recovery after reaching a support level around $1952. This led to an oversold condition, prompting sellers to cover short positions and initiate buying positions to take advantage of the lower prices. Currently, gold is trading around $1962 and could potentially reach the 23.6% Fibonacci retracement level at $1968.
Further demand may push the price to the 38.2% Fibonacci retracement level at $1978. Additionally, a bullish scenario could lead to levels of $1987 or $1995, representing the 50% and 61.8% Fibonacci retracement levels, respectively.
Technical indicators such as RSI and MACD are showing signs of sellers being exhausted, indicating a possible shift in market sentiment. Today's pivot point is expected to be around $1952, with support at $1940 and potentially lower at $1933.
Gold (XAU/USD) Trade Idea
Entry Price – Buy Above 1951
Stop Loss – 1940
Take Profit – 1980
Risk to Reward – 1 : 2
Profit & Loss Per Standard Lot = +$2630/ -$1229
Profit & Loss Per Micro Lot = +$263/ -$122
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