Daily Price Outlook

    * Gold price experiences a bullish bounce, extending an upward trend from the 78.6% Fibonacci retracement level of 1,999.

    * Immediate resistance around 2,024, while RSI and MACD indicators show divergence on the four-hour timeframe.

    * Watch for pivot point at 2,025 level, with potential buy positions above 2,015 and a stop loss around 2,010.

Good morning, everyone, and welcome back to another week. Taking a look at the precious metal, gold, the price has experienced a slight bounce from just above the 78.6% Fibonacci retracement level of 1,999. The closing of candles above the 2,010 level has triggered a bullish bounce, and it is now extending an upward trend in today's gold price.

On the four-hour timeframe, gold is likely to face immediate resistance around the 2,024 level, which is marked by the 50-day exponential moving average (green line). Meanwhile, the RSI and MACD indicators are showing divergence. For instance, the RSI is holding above the 50 level, while the MACD is still forming histograms below the zero level.

Given this, we must keep an eye on the 2,025 level, as it is likely to act as a pivot point for gold today. Failure to cross above this level has the potential to limit gold's upward movement.

However, if gold manages to break above the 2,025 level, the upward trend will be exposed to the next resistance levels of 2,032 or 2,046. So today, the idea is to look for a buy position above the 2,015 level, with a stop loss placed somewhere around 2,010.

 GOLD Price Chart - Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2012

Stop Loss – $1997

Take Profit – $2040

Risk to Reward – 1 : 2.2

Profit & Loss Per Standard Lot = +$2769/ -$1457

Profit & Loss Per Micro Lot = +$276/ -$145



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