Daily Price Outlook

- Gold Price Analysis: Rose slightly to $2324.955, currently testing above the pivot of $2317.10.

- Resistance and Support: Immediate resistance at $2346.21; supports at $2290.91 and $2268.20.

- Trading Strategy: Consider buying at $2317, with a profit target of $2346 and stop at $2296.

Today, gold prices have seen a modest uptick, rising 0.20% to a current level of $2324.955. This movement places the commodity slightly above its pivotal support at $2317.10, which has served as a baseline for today's trading activity.

The immediate resistance for gold stands at $2346.21, with subsequent barriers at $2359.26 and $2382.85. These levels must be breached to confirm a stronger bullish trend. On the downside, support is found at $2290.91, with further cushions at $2268.20 and $2244.57, which could offer buying opportunities if retested.

The Relative Strength Index (RSI) is currently at 40, indicating that gold is neither overbought nor oversold, suggesting a potential for either movement without extreme pressure from buyers or sellers. The 50-day Exponential Moving Average (EMA) is at $2364.13, highlighting a recent downward trend but with potential for reversal as prices approach this average. Additionally, gold has just completed the 23.6% Fibonacci retracement level and is eyeing the 38.2% level at around $2333, suggesting a continuation of the upward momentum if it can sustain current levels.

With the current setup, a strategic approach would involve placing a buy limit order at the pivot point of $2317, targeting a take profit at the immediate resistance of $2346, and setting a stop loss at $2296 to protect against unexpected downturns.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Limit 2317

Take Profit – 2346

Stop Loss – 2296

Risk to Reward – 1: 1.38

Profit & Loss Per Standard Lot = +$2900/ -$2100

Profit & Loss Per Mini Lot = +$290/ -$210



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