Daily Price Outlook
Gold price stands at $1860.02, presenting an uptick in the current market, as per the 4-hour chart. The pivot point for this precious metal is set at $1831.29. On the resistance spectrum, immediate resistance is identified at $1851.26, followed by successive resistances at $1869.27 and $1889.8. Conversely, the metal finds support at $1812.71 with additional support lines at $1792.18 and $1774.39.
The Relative Strength Index (RSI) registers a value of 64.02, implying a robust bullish momentum without reaching overbought territory. Meanwhile, the MACD, with a value of 1.44, remains above its signal counterpart at 7.13, further emphasizing the bullish trend. Gold's current price is comfortably above the 50-day Exponential Moving Average (EMA) of $1851.02, suggesting a prevailing short-term bullish trend.
GOLD (XAU/USD) - Trade Idea
Entry Price – Buy Limit 1850
Take Profit – 1880
Stop Loss – 1834
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$3000/ -$1600
Profit & Loss Per Micro Lot = +$300/ -$160
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