Daily Price Outlook

- Gold's slight downturn at $2,178.72 belies an underlying bullish potential, anchored by critical resistance and support levels.

- A steadfast position above $2,193 could catalyze a bullish breakout, with the RSI and 50-day EMA reinforcing positive momentum.

- Strategic entry at $2,173 with a target of $2,193 and a stop loss at $2,160 offers a tactful approach, balancing risk and reward in the current market landscape.

In today's market, Gold (XAU/USD) presents a nuanced technical outlook, with a minor decline of 0.03%, situating the price at $2,178.72. Despite the slight drop, the metal's price action remains intriguing, notably hovering around significant technical markers. The pivot point at $2,193 sets a critical juncture, delineating a zone where bullish sentiments could be reinforced if sustained above this level.

The immediate resistance levels at $2,188, followed by $2,201 and $2,223, provide a clear roadmap for potential upward trajectories. Conversely, support levels established at $2,160, $2,147, and $2,128 frame the lower boundaries, safeguarding against extensive pullbacks.

The technical indicators, including an RSI of 53 and a 50-day EMA at $2,170, signal a predominantly bullish stance, underscored by an upward trendline that affirms gold's strength above the $2,193 benchmark. This technical configuration suggests an impending bullish phase, contingent on maintaining the pivotal support.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Limit 2173

Take Profit – 2193

Stop Loss – 2160

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$2000/ -$1300

Profit & Loss Per Mini Lot = +$200/ -$130



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