GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trades at $2417.835, up 0.28%, showing bullish momentum on the 4-hour chart.

- Immediate resistance levels: $2432.609, $2451.437, $2475.643; support levels: $2385.740, $2369.345, $2353.647.

- RSI at 64, 50-day EMA at $2415, suggesting a buy limit at $2415, take profit at $2440, and stop loss at $2400.

Gold (XAU/USD) is trading at $2417.835, up 0.28% on the day. The 4-hour chart shows a strong bullish momentum, with prices surpassing the pivot point at $2415.905. Immediate resistance is noted at $2432.609, with subsequent resistance levels at $2451.437 and $2475.643.

On the downside, immediate support is observed at $2385.740, followed by $2369.345 and $2353.647.

Technical indicators suggest a bullish bias. The Relative Strength Index (RSI) is at 64, indicating positive momentum but still below overbought levels, suggesting there is room for further gains.

The 50-day Exponential Moving Average (EMA) stands at $2415, supporting the bullish outlook. The recommended trade setup is to enter a buy limit at $2415, with a take profit target at $2440 and a stop loss at $2400, reflecting a favorable risk-to-reward ratio.

The overall technical picture remains positive for gold as long as prices stay above the pivot point at $2415.905. A sustained move above immediate resistance at $2432.609 could open the path towards the next resistance levels at $2451.437 and $2475.643.

Conversely, a break below immediate support at $2385.740 may signal a potential shift in the short-term trend, targeting the next support levels.

In conclusion, the technical outlook for gold remains bullish above $2415.905.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Limit 2415

Take Profit – 2440

Stop Loss – 2400

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$2500/ -$1500

Profit & Loss Per Mini Lot = +$250/ -$150