Daily Price Outlook

    Gold has experienced a minor pullback in its recent rally, currently trading at $1,977.935, a slight decline of 0.31% within the last 24 hours. The asset's performance on the 4-hour chart reveals a critical juncture, with the price teetering near the pivot point of $1,990.

    Key technical levels are in focus, with immediate resistance spotted at $2,026. A breach above this level could see gold target subsequent resistances at $2,046 and $2,082. Conversely, immediate support lies at $1,970, below which further supports are seen at $1,934 and $1,914.

    The Relative Strength Index (RSI) presents a neutral stance with a reading of 57, indicative of neither overbought nor oversold conditions, but slightly leaning towards bullish sentiment. However, with the RSI drifting below the 60 mark, it warrants cautious optimism among bulls.

    The 50-Day Exponential Moving Average (EMA) at $1,977 offers a glimmer of bullishness, with the current price hovering just above this level, suggesting a short-term upward trend.

    A notable development is the upward channel breakout observed in the chart patterns, hinting at potential bullish momentum. However, the recent price action below the pivot point and the RSI's tepid posture offer a mixed sentiment.

    In conclusion, gold presents a nuanced technical outlook. While the asset shows bearishness below the $1,980 threshold, a decisive move above this level could alter the short-term trajectory. Investors should brace for a potential test of the immediate resistance at $2,026 in the coming days, with a close eye on the RSI and the 50 EMA for further trend confirmation.

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

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Sell Below 1980

    Take Profit – 1963

    Stop Loss – 1992

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$1700/ -$1200

    Profit & Loss Per Micro Lot = +$170/ -$120



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