GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trades at $2362.32, up 0.42%, showing bullish momentum above the 50-day EMA at $2343.88.

- Immediate resistance levels: $2383.59, $2397.80, $2412.74; support levels: $2334.40, $2318.01, $2300.52.

- Entry Price: Buy above $2355; Take Profit: $2383; Stop Loss: $2340 for risk management.

Gold (XAU/USD) is currently trading at $2362.32, reflecting a 0.42% increase on a four-hour chart timeframe. The pivot point, set at $2383.00, serves as a critical level for determining the market direction.

Immediate resistance is identified at $2383.59, with subsequent levels at $2397.80 and $2412.74. On the downside, immediate support is found at $2334.40, followed by $2318.01 and $2300.52.

The Relative Strength Index (RSI) stands at 60, indicating a moderate upward momentum. The 50-day Exponential Moving Average (EMA) is positioned at $2343.88, suggesting that the current price is above the short-term average, reinforcing the bullish sentiment.

In conclusion, Gold maintains a bullish outlook above $2355. Traders are advised to consider buying at or above $2355 with a target price of $2383, while setting a stop loss at $2340 to manage potential downside risks.

The current technical indicators and key price levels suggest a favorable environment for buyers, particularly if gold prices continue to trade above the pivot point of $2383.00.

However, vigilance is required as breaking below the immediate support level of $2334.40 could shift the sentiment to bearish, leading to potential declines towards the next support levels.

GOLD (XAU/USD) - Technical Analysis

Entry Price – Buy Above 2355

Take Profit – 2383

Stop Loss – 2340

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2800/ -$1500

Profit & Loss Per Mini Lot = +$280/ -$150