Daily Price Outlook

- Gold price stands at $2363.585, up 0.15%, with key pivot at $2365.503.

- Immediate resistance levels: $2372.585, $2378.588, and $2387.253; support levels: $2355.424, $2347.821, $2338.626.

- RSI at 66 and 50-day EMA at $2332.486 suggest caution near resistance.

Gold (XAU/USD) is trading at $2363.585, up 0.15% in the early European session. The pivot point at $2365.503, marked by the green line, is critical for short-term trading strategies. Immediate resistance levels are observed at $2372.585, $2378.588, and $2387.253. These levels indicate where bullish momentum might encounter selling pressure. On the downside, immediate support is at $2355.424, followed by $2347.821 and $2338.626. These support levels could act as potential buy zones if the price declines.

Technical indicators reveal that the Relative Strength Index (RSI) stands at 66, suggesting the asset is approaching overbought territory. The 50-day Exponential Moving Average (EMA) is positioned at $2332.486, indicating an underlying bullish trend as the current price is above this average. This technical setup suggests that gold has upward momentum, but caution is warranted as it nears resistance levels.

Given this outlook, traders might consider selling below the pivot point of $2365, with a take profit target at $2350 and a stop loss at $2372. This strategy is supported by the immediate resistance just above the pivot point and the overbought RSI indicating potential for a pullback.

In summary, gold's current price action is influenced by technical levels that are crucial for short-term traders. The immediate resistance at $2372.585 and the support at $2355.424 will be key in determining the next direction for gold prices.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2365

Take Profit – 2350

Stop Loss – 2372

Risk to Reward – 1: 2.14

Profit & Loss Per Standard Lot = +$1500/ -$700

Profit & Loss Per Mini Lot = +$150/ -$70



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