GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trades at $2472.710, up 0.27%, amid ongoing global economic uncertainties.

- RSI at 70 indicates overbought conditions; potential pullback to immediate support at $2430.33.

- Bullish trend maintained above 50-day EMA at $2408.46; buy above $2455 with a stop loss at $2440.

Gold (XAU/USD) is trading at $2472.710, up 0.27%, as it continues to attract investors amid global economic uncertainties. The 4-hour chart shows gold hovering near key levels, with a pivot point set at $2490.00.

Immediate resistance is found at $2485.91, with subsequent resistance levels at $2510.78 and $2529.15. On the downside, immediate support is at $2430.33, followed by $2406.52 and $2381.37.

The Relative Strength Index (RSI) stands at 70, indicating overbought conditions that may prompt a short-term pullback. However, the 50-day Exponential Moving Average (EMA) at $2408.46 suggests a bullish trend, with prices consistently trading above this level.

Given the current technical setup, traders might consider entering long positions above $2455, targeting a take profit level of $2490. A stop loss should be placed at $2440 to manage risk. This strategy capitalizes on the prevailing bullish momentum while guarding against potential downside risks.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2455

Take Profit – 2490

Stop Loss – 2440

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3500/ -$1500

Profit & Loss Per Mini Lot = +$350/ -$150