Daily Price Outlook

    As of October 13, Gold is exhibiting intriguing dynamics on the technical front. Currently priced at $1877, it has experienced a 0.48% uptick within a 24-hour window. Analyzing a 4-hour chart timeframe, pivotal price markers have come to the fore.

    A pivot point stands established at $1869. On the resistance spectrum, the initial resistance resides at $1881, followed by subsequent resistances at $1901 and $1916. Conversely, immediate support is delineated at $1854, with ensuing support levels at $1835 and $1820. Diving into technical indicators, the Relative Strength Index (RSI) is noted at 64, alluding to a bullish sentiment, given it's greater than 50.

    The 50-Day Exponential Moving Average (50 EMA) further consolidates this sentiment, priced at $1860 and indicating that Gold's price trajectory is above this average, suggesting a short-term bullish trend. The chart also reveals a Triple Top Pattern that might hinder upside momentum around the $1880 mark.

    However, the 50 EMA's positioning suggests potential buying opportunities.

    On the fundamental front, US inflation data for September 2023 remains unaltered at 3.7%, surpassing the anticipated 3.6%. This steady rate is attributed to a subdued drop in energy prices, primarily as fuel prices make a comeback.

    Given these parameters, a bullish overtone is sensed: a breakout above $1880 could stimulate further buying. (edited)

    GOLD Price Chart – Source: Tradingview
    GOLD Price Chart – Source: Tradingview

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Buy Stop 1882

    Take Profit – 1900

    Stop Loss – 1870

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$1800/ -$1200

    Profit & Loss Per Micro Lot = +$180/ -$120



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