Daily Price Outlook

- Price Recovery: Gold rebounds from $3,283 support, testing breakout above $3,317.

- Fibonacci Confluence: Key support between $3,274 and $3,254 continues to hold.

- Momentum Rebounds: RSI climbs to 60.62, signaling improved short-term bullish sentiment.

Gold prices are recovering after finding support near the $3,283 level and are now attempting to reclaim ground above $3,317.

This recovery comes after a volatile session that saw a sharp dip followed by an equally strong rebound. Price action now sits just below the $3,355 resistance zone, where sellers previously rejected upside attempts.

From a technical standpoint, the 50-period Simple Moving Average (SMA), currently at $3,265, remains upward sloping and continues to offer medium-term support.

Fibonacci retracement levels show a confluence of potential demand zones between $3,274 (50%) and $3,254 (61.8%), reinforcing the validity of the recent rebound.

Momentum is also firming up. The Relative Strength Index (RSI) has recovered from below 50 and now prints at 60.62, suggesting buyers are regaining control. If the price holds above $3,317, the next target comes in at $3,369 — a key Fibonacci extension level. A breakout beyond that could re-expose the recent high of $3,379.

On the downside, a drop below $3,283 would challenge the bullish structure and expose the $3,274–$3,254 range as the next area of interest for buyers.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 3317

Take Profit – 3369

Stop Loss – 3283

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$5200/ -$3400

Profit & Loss Per Mini Lot = +$520/ -$340

GOLD

JOIN LHFX TODAY

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

OPEN A NEW ACCOUNT