Daily Price Outlook

- Price Point: Closed at $2301.98, down by 1.08%, signaling strong bearish sentiment.

- Technical Levels: Resistances at $2325, $2361; support begins at $2291.

- Market Strategy: Sell below $2315, aiming for $2280, with a stop loss at $2340.

On April 23, gold prices saw a downturn, closing at $2301.98, which is a decline of 1.08%. This downward movement pushes the price beneath crucial technical thresholds that could impact the short-term market outlook significantly.

At $2325, the pivot point marks a notable barrier that gold failed to breach, suggesting a potential resistance area for any bullish attempts. Additional resistance levels at $2361, $2402, and $2432 may serve as further challenges for upward price movements. On the flip side, support levels at $2291, followed by $2268 and $2245, are key zones where buyers might find value, potentially halting further declines.

The Relative Strength Index (RSI) currently stands at 27, indicating that gold is in the oversold territory. This could hint at a potential rebound or underscore the prevailing selling pressure. The 50-Day Exponential Moving Average (EMA) positioned at $2368, alongside a bearish engulfing candlestick pattern, reaffirms the dominant downtrend in the market.

Given these conditions, traders might consider a sell strategy below the pivot point at $2315, targeting a take-profit point at $2280, with a stop-loss order set at $2340.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2315

Take Profit – 2280

Stop Loss – 2340

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$3500/ -$2500

Profit & Loss Per Mini Lot = +$350/ -$250



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