Daily Price Outlook 

- Gold trades at $2,018.60, down 0.47%; pivot point at $1,993 suggests a bearish bias.

- Key resistances at $2,021, $2,041, $2,070; supports at $1,972, $1,951, $1,930.

- Technical indicators (RSI at 34, MACD at -3.64) and symmetrical triangle breakout imply potential bearish continuation.

Gold's current trading price of $2,018.60, down by 0.47%, reflects a cautious market sentiment. Analyzing the 4-hour chart timeframe, we observe several key levels that could dictate the metal's short-term trajectory. The pivot point is set at $1,993, suggesting a neutral to bearish outlook unless this level is decisively breached. Resistance levels are established at $2,021, $2,041, and $2,070, which could cap upward movements. Conversely, support levels at $1,972, $1,951, and $1,930 might offer a cushion against further declines.

From a technical standpoint, the RSI at 34 hints at a potential oversold scenario, possibly leading to a rebound. However, the MACD, currently at -3.64 with the MACD line below the signal line, suggests that the bearish momentum is still in play. The 50-Day EMA stands at $2,040, reinforcing the resistance zone. Notably, a symmetrical triangle pattern is observed, with a breakout at the $2,020 level, indicating a critical juncture for future price action.

The overall trend for Gold appears bearish, with a short-term forecast suggesting a potential test of lower support levels. Traders might consider a sell limit at 2023, with a take profit target at 2004 and a stop loss at 2034.

GOLD Price Chart - Source: Tradingview
GOLD Price Chart - Source: Tradingview

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Limit 2023

Take Profit – 2004

Stop Loss – 2034

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1900/ -$1100

Profit & Loss Per Mini Lot = +$190/ -$110



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