Daily Price Outlook

- Gold’s modest rise to $2165.285 underscores cautious optimism among investors.

- Key resistances at $2181, $2200, and $2219 mark potential ceilings for price gains.

- RSI and 50 EMA indicate a balanced market, tilting slightly towards bullish momentum.

On March 15, Gold witnessed a slight increase in its value, ticking up by 0.22% to $2165.285, a move reflecting a nuanced investor approach towards the precious metal amidst fluctuating market conditions. Positioned just below a pivotal $2178 mark, the price dynamics suggest a crucial juncture where the future direction could be determined.

Resistance levels are closely watched at $2181, extending to $2200 and $2219, which could potentially cap gains if the bullish momentum sustains. Conversely, the metal finds its immediate support at $2141, with further layers at $2125 and $2111, essential for halting any downward pressures. The trading indicators offer a mixed yet slightly optimistic narrative; the Relative Strength Index (RSI) at 51 hints at a balanced market sentiment with a lean towards buying, while the 50-day Exponential Moving Average (EMA) at $2150 serves as a critical support level, underpinning the potential for an upward trajectory.

The current technical outlook posits a guarded yet positive scenario for gold, recommending a buying strategy above $2153 to capitalize on potential upticks towards the pivot level. A take-profit point is advised at $2178, aligning with near resistance, to secure gains from anticipated movements. Conversely, a stop-loss order at $2140 is prudent, safeguarding against unexpected market reversals.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2153

Take Profit – 2178

Stop Loss – 2140

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$2500/ -$1300

Profit & Loss Per Mini Lot = +$250/ -$130



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