Daily Price Outlook

- Bullish Momentum: Gold's current position above key resistance levels and the 50 EMA suggests a short-term bullish trend.

- Resistance Tests: With the triple top breakout, Gold may test higher resistance levels, potentially reaching $2,088.

- Market Sentiment: The RSI and MACD indicators point towards a bullish sentiment, though vigilance is key amid global economic fluctuations.

As the market enters the festive period, Gold (XAU/USD) has witnessed a notable uptick, currently trading at $2,053, marking a 0.36% increase. This resurgence reflects a growing appetite among investors for safe-haven assets amidst global economic uncertainties.

The key pivot point for Gold stands at $2,013, with immediate resistance observed at $2,056. Should this bullish momentum continue, we may see the precious metal test subsequent resistance levels at $2,089 and $2,130. Conversely, immediate support lies at $1,979, followed by stronger levels at $1,937 and $1,903, which could serve as buffers against potential retracements.

The Relative Strength Index (RSI) is currently at 60, indicating a bullish sentiment without venturing into overbought territory. This suggests that there is room for upward movement, but caution is warranted as market dynamics can shift rapidly.

Meanwhile, the Moving Average Convergence Divergence (MACD) shows a value of 1.25 with a signal line at 7.55, hinting at possible bullish momentum in the near term. This is further corroborated by the price's position relative to the 50-Day Exponential Moving Average (EMA), which currently stands at $2,051. Being above the 50 EMA underlines a short-term bullish trend for Gold.

A key technical pattern observed is the triple top breakout at $2,045, a bullish signal that could propel Gold towards $2,088 or potentially higher. This breakout indicates a strong buying interest at higher levels, suggesting a consolidation of the bullish trend.

In conclusion, the overall trend for Gold appears bullish, especially if it maintains above the $2,045 threshold. In the short term, we can anticipate Gold to challenge resistance levels, particularly around $2,056 and potentially higher, depending on market sentiments and macroeconomic factors.

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

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Limit 2047

Take Profit – 2080

Stop Loss – 2022

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$3300/ -$2500

Profit & Loss Per Mini Lot = +$330/ -$250



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.