Daily Price Outlook

- Gold prices (XAU/USD) are trading at $2,344.20, down 0.09%, with a bearish outlook below the $2,352 pivot point.

- Immediate resistance levels are set at $2,364.03, $2,373.25, and $2,384.37, indicating potential upward barriers.

- Support levels at $2,329.94, $2,315.41, and $2,304.52 could serve as key areas for potential downward movements.

Gold is trading at $2,344.20, down 0.09% in the 4-hour timeframe. The pivot point at $2,352.26 serves as a critical level, dictating potential price movements.

Immediate resistance levels are set at $2,364.03, $2,373.25, and $2,384.37. On the downside, immediate support is identified at $2,329.94, followed by $2,315.41 and $2,304.52.

Technical indicators suggest a cautious outlook. The Relative Strength Index (RSI) is at 50, indicating neutral market sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $2,343.92, aligning closely with the current price, suggesting potential support around this level.

Given the current technical setup, the recommended strategy is to sell below $2,352, with a take-profit target at $2,330 and a stop loss at $2,365. The bearish sentiment is underscored by the market's inability to maintain levels above the pivot point, signaling potential further downside.

In conclusion, the outlook for gold remains bearish below $2,352, with immediate resistance levels offering potential barriers to upward movements. However, a break above this level could shift the bias towards a more bullish trend, warranting close monitoring of price action around these key levels.

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

GOLD (XAU/USD) - Technical Analysis

Entry Price – Sell Below 2352

Take Profit – 2330

Stop Loss – 2365

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$2200/ -$1300

Profit & Loss Per Mini Lot = +$220/ -$130



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.