Daily Price Outlook

- Gold trades at $2,040, slightly above the pivot point and 50 EMA, indicating a potential bullish trend in the market.

- RSI at 62 and a positive MACD value suggest upward momentum, with resistance levels set at $2,015 and $2,054.

- A critical double-top pattern observed at $2,042; a breakout could lead gold prices towards $2,060 and $2,085, reinforcing the bullish outlook.

As of December 20, the gold market presents a nuanced picture. The precious metal is trading at $2,040, marking a slight increase of 0.01%. This movement positions gold above its pivot point of $1,980, indicating a potential shift in market dynamics. Key resistance levels are set at $2,015, $2,054, and $2,089, while support levels are found at $1,939, $1,904, and $1,870.

The technical indicators offer a deeper insight into gold’s trajectory. The Relative Strength Index (RSI) stands at 62, suggesting a bullish sentiment but not in the overbought territory. This indicates room for further upward movement. The Moving Average Convergence Divergence (MACD) presents a value of 0.655 against a signal of 5.63, further pointing towards potential bullish momentum.

Notably, the 50-Day Exponential Moving Average (EMA) is at $2,034, with the current price slightly above this level, reinforcing a bullish outlook in the short term. The observed double-top pattern at the resistance of $2,042 is a critical point. A breakout above this level could propel gold towards $2,060 and potentially $2,085, signaling a robust upward trajectory.

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

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 2048

Take Profit – 2078

Stop Loss – 2025

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$3000/ -$2300

Profit & Loss Per Mini Lot = +$300/ -$230



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