Daily Price Outlook 

    Gold's price on February 29 edged higher by 0.07%, marking a subtle increase to $2035.805. This incremental rise reflects a cautiously optimistic sentiment among investors, as gold continues to be a focal point in the financial markets amidst ongoing global economic uncertainties.

    The pivot point for gold is established at $2025.07, providing a baseline for the day's trading dynamics. Resistance levels are identified at $2040.44, $2053.29, and $2065.71, outlining potential ceilings that gold prices might encounter should the upward momentum persist. Conversely, support levels are placed at $2016.41, $2001.46, and $1988.19, indicating key thresholds where buying interest could re-emerge, potentially stabilizing prices.

    The Relative Strength Index (RSI) at 55 suggests a balanced market condition, leaning slightly towards a bullish bias without entering overbought territory. The 50-day Exponential Moving Average (EMA) at 2028.050 closely aligns with the current price, further reinforcing the gold market's current stability and slight bullish inclination.

    Gold Price Chart - Source: Tradingview
    Gold Price Chart - Source: Tradingview

    Gold - Trade Ideas

    Entry Price – Buy Above 2032

    Take Profit – 2044

    Stop Loss – 2022

    Risk to Reward – 1: 1.2

    Profit & Loss Per Standard Lot = +$1200/ -$1000

    Profit & Loss Per Mini Lot = +$120/ -$100



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