Daily Price Outlook

- Bullish Above $2,934.63: Holding above the pivot keeps bullish momentum intact, targeting $2,955.49 and $2,970.91.

- Bearish Below $2,934.63: A break below the pivot may trigger declines toward $2,921.42 and $2,907.22.

- Technical Setup: 50 EMA at $2,938.23 indicates short-term indecision; watch for volume spikes to confirm breakout direction.

Gold prices are showing cautious sentiment, trading at $2,939.55, down 0.02% for the session. The precious metal is currently hovering just above the pivotal level of $2,934.63, a critical threshold that could determine its next move.

Holding above this pivot keeps bullish hopes alive, with immediate resistance at $2,955.49. A break above this level could push prices towards $2,970.91, with the next target at $2,985.30 if bullish momentum sustains.

On the downside, immediate support is at $2,921.42, followed by a more substantial floor at $2,907.22. If bearish pressure intensifies, the next key support level lies at $2,892.63. The 50 EMA sits at $2,938.23, acting as a dynamic support, indicating short-term indecision amidst a broader bullish trend.

The technical outlook suggests a cautious buy above the pivot of $2,934. An entry at this level with a target of $2,955 and a stop loss at $2,925 offers a favorable risk-reward ratio. Traders should watch for volume confirmation and any potential breakout above the resistance to gauge momentum strength.

However, a break below the pivot would shift the sentiment to bearish, likely triggering a move towards the immediate support at $2,921.42.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2934

Take Profit – 2955

Stop Loss – 2925

Risk to Reward – 1: 2.3

Profit & Loss Per Standard Lot = +$2100/ -$900

Profit & Loss Per Mini Lot = +$210/ -$90

GOLD

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