Daily Price Outlook

    Gold's technical landscape presents a battleground for bulls and bears as the precious metal consolidates at around $1,960, following a pullback from the $1,975 resistance level. The 4-hour chart reveals that gold is hovering just below the Exponential Moving Average (EMA) 50 close of $1,960.281, which could act as an immediate pivot for the session ahead.

    Resistance looms overhead at $1,970.790 and $1,980.904, with a significant psychological barrier at the round number of $2,000, presenting potential targets for buyers. Conversely, support forms at $1,958.345, with a further downside cushion at $1,949.176 and a critical floor at $1,941.013, which may stem any bearish tides.

    The Relative Strength Index (RSI) at 54.12 suggests a neutral market, with the potential for shifts in momentum. Additionally, the MACD's slight bullish divergence, without crossing the signal line, hints at a cautious optimism. The interplay between these indicators and the 50 EMA will likely guide the short-term trajectory of gold.

    In conclusion, the current technical posture of gold indicates a holding pattern as the market digests recent economic data and anticipates further signals from upcoming US jobless claims and central bank speeches. A decisive move above the EMA could rekindle bullish sentiment, while a drop below current support levels may invite further retracement.

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

    GOLD (XAU/USD) - Trade Idea 

    Entry Price – Buy Above 1957

    Take Profit – 1970

    Stop Loss – 1945

    Risk to Reward – 1: 1

    Profit & Loss Per Standard Lot = +$1300/ -$1200

    Profit & Loss Per Mini Lot = +$130/ -$120



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