Daily Price Outlook

- Gold (XAU/USD) is trading at $2331.94, up 0.03%, with a pivot point at $2342.00.

- Immediate resistance at $2339.37, $2353.95, and $2369.24; support at $2308.16, $2297.24, and $2287.04.

- RSI at 59 and 50-day EMA at $2320.59 suggest moderate momentum and solid support.

Gold (XAU/USD) is trading at $2331.94, up 0.03%, as it navigates a range-bound environment. The 4-hour chart highlights a pivot point at $2342.00, crucial for assessing the next price movement. Immediate resistance is at $2339.37, followed by $2353.95 and $2369.24. These levels are critical for any bullish advance.

On the downside, immediate support is found at $2308.16, with further support at $2297.24 and $2287.04. These levels are significant to prevent deeper declines. The Relative Strength Index (RSI) is at 59, indicating moderate momentum without overbought conditions, suggesting room for further movement.

The 50-day Exponential Moving Average (EMA) at $2320.59 provides substantial support, reinforcing the current price level. The overall outlook for gold remains cautiously bullish above the $2342.00 pivot point.

A break above this level could enhance bullish momentum, targeting the higher resistance levels. Conversely, a drop below immediate support at $2308.16 might trigger further selling pressure.

The strategic entry point is set to buy above $2326, with a take profit target at $2342 and a stop loss at $2318. This setup aims to capitalize on potential upward movements while managing downside risks.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2326

Take Profit – 2342

Stop Loss – 2318

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1600/ -$800

Profit & Loss Per Mini Lot = +$160/ -$80



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