Daily Price Outlook

- Sell below the pivot of $2317 with a target of $2287 and a stop loss at $2338.

- Watch the $2319 level closely, as movement above this could alter the bearish outlook.

- Maintain vigilance around key support levels, as breaking below could enhance bearish momentum.

In today's financial markets, gold prices edged higher, trading at $2305.84, which marks a 0.16% increase. The precious metal is currently trading just below its pivot point at $2318, indicating a potential zone of indecision among traders.

With the Relative Strength Index (RSI) at 46, the market sentiment appears neutral, reflecting a balance between buying and selling pressures. Moreover, the 50-day Exponential Moving Average (EMA) stands at $2319, closely aligned with the pivot point, suggesting that any significant move above this level could signal a shift toward a bullish market stance.

Looking at the resistance and support levels, gold faces immediate resistance at $2349, with further barriers at $2370 and $2393.

Should momentum increase and these levels be breached, it could pave the way for more substantial gains. On the downside, support is found at $2283, with additional safeguards at $2265 and $2248. If prices slip below these points, it could trigger a sell-off.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2317

Take Profit – 2287

Stop Loss – 2338

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$3000/ -$2100

Profit & Loss Per Mini Lot = +$300/ -$210



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