GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold price surges above $2,330, signaling bullish momentum.

- Key resistance levels to watch: $2,342.55, $2,357.84, and $2,370.11.

- Support levels to monitor: $2,308.16, $2,295.93, and $2,287.04.

Gold prices have rebounded from recent lows, surging above the $2,330 mark on Monday. The 4-hour chart reveals a bullish momentum, with the precious metal trading above its pivot point at $2,342.00.

The Relative Strength Index (RSI) reading of 56 indicates a strengthening positive sentiment in the market. Moreover, the 50-day Exponential Moving Average (EMA) provides near-term support at $2,326.93, further bolstering the bullish outlook.

Traders should watch key resistance levels at $2,342.55, $2,357.84, and $2,370.11. A decisive break above these levels could trigger further buying interest and propel gold towards higher targets.

However, should the upward momentum wane, immediate support lies at $2,308.16, followed by $2,295.93 and $2,287.04. A break below these levels might signal a temporary setback for the bullish trend.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2324

Take Profit – 2342

Stop Loss – 2313

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1800/ -$1100

Profit & Loss Per Mini Lot = +$180/ -$110