Daily Price Outlook 

- Gold inches higher, testing pivot; RSI balanced, MACD hints at bullishness.

- Immediate resistances and supports charted; 50-day EMA aligns with current price.

- Potential bullish trend suggested; advisable entries and exits delineated.

Gold's allure strengthens modestly in today's trading, with prices edging up 0.36% to $2028.31, reflecting a mild positive sentiment among investors. The precious metal finds itself navigating around a pivot point of $2,031, suggesting a pivotal moment for its immediate trajectory. Key resistance levels at $2,058, $2,088, and $2,116 form a series of challenges ahead, while support at $2,001 and lower at $1,973 and $1,945 offers a cushion should gold's ascent falter.

Technical indicators lend a nuanced view: the Relative Strength Index (RSI) at 53 hints at a balanced momentum, neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) presents a positive crossover, with its value at 0.70600 above the signal at -1.152, typically a bullish sign. The 50-day EMA at $2,024.27 underscores this optimism, aligning closely with current levels.

From a chartist's perspective, no distinct pattern prevails, leaving the next movement somewhat ambiguous. However, the technicals lean towards a cautiously optimistic forecast, suggesting potential for an upward push. Traders might consider entry above $2023, targeting $2040, while maintaining a stop loss at $2010 to protect against any unexpected downturns.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2023

Take Profit – 2040

Stop Loss – 2010

Risk to Reward– 1: 1.3

Profit & Loss Per Standard Lot = +$1700/ -$1300

Profit & Loss Per Mini Lot = +$170/ -$130



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