Daily Price Outlook

- Gold prices are currently trading at $2357.540, down 0.14% in the latest session.

- Immediate resistance levels are at $2380.52, $2392.98, and $2410.52, while support levels are at $2351.93, $2340.03, and $2326.60.

- RSI at 49 and 50 EMA at $2378.86 suggest neutral to bearish market sentiment.

Gold (XAU/USD) is currently trading at $2357.540, reflecting a decline of 0.14% in the latest session. On the 4-hour chart, the pivot point is positioned at $2380.00, which serves as a crucial level for determining the future direction of the market.

Immediate resistance levels are identified at $2380.52, $2392.98, and $2410.52. On the downside, immediate support is found at $2351.93, followed by $2340.03 and $2326.60.

The Relative Strength Index (RSI) is at 49, indicating a neutral market sentiment with a slight bearish bias. 

The 50-day Exponential Moving Average (EMA) is currently positioned at $2378.86, suggesting a significant resistance level near the current price.

The recent decline in gold prices can be attributed to a modest rebound in the US Dollar, driven by stronger-than-expected US economic data and hawkish remarks from several Federal Reserve officials.

These factors have dampened expectations of a Fed rate cut in September, boosting the US Dollar and exerting downward pressure on gold prices. However, ongoing geopolitical tensions and central bank demand for gold continue to provide some support for the precious metal.

The technical outlook for gold indicates that a bullish trend may be initiated if the price breaks above the pivot point of $2380.00. This could lead to a potential rise towards the immediate resistance levels at $2380.52 and beyond.

Conversely, if gold prices fall below the immediate support level of $2351.93, further declines towards $2340.03 and $2326.60 are likely.

In conclusion, the outlook for gold remains cautious. The entry price for a potential buy position is above $2350, with a take profit target at $2380 and a stop loss at $2335.

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

GOLD (XAU/USD) - Technical Analysis

Entry Price – Buy Above 2350

Take Profit – 2380

Stop Loss – 2335

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3000/ -$1500

Profit & Loss Per Mini Lot = +$300/ -$150



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