Daily Price Outlook 

- Gold slips to $2032.67, breaking key upward channel support at $2040.

- RSI at 56 implies potential swings; 50-day EMA marks critical price zone.

- Strategy suggests sell below $2040, pending further market movement indicators.

Gold's price has modestly declined in the latest trading to $2032.67, descending from its recent peak. The pivotal resistance level has now shifted to $2041.96 after the precious metal fell below the supportive trendline that was formerly at $2040.

Resistance is now just overhead at $2041.96, with additional hurdles likely near prior peaks. Conversely, initial support is found at today's low of $2032.86, with further foundational levels expected at psychologically significant numbers.

The RSI stands at 56, indicating potential for price fluctuation without being in overbought or oversold territory. Meanwhile, the 50-day EMA at $2032.455 accentuates the crucial $2030-2040 zone for immediate price action.

Given the break from the ascending channel, gold's outlook suggests a possible sell below the $2040 mark, with a close eye on subsequent market movements for confirmation.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2035

Take Profit – 2020

Stop Loss – 2045

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Mini Lot = +$150/ -$100



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