GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold price rises to $2,464.83, driven by global economic uncertainties and risk aversion.

- Immediate resistance at $2,469.89; overbought RSI of 72 suggests possible short-term correction.

- Entry recommended above $2,455; target take-profit at $2,483, stop-loss at $2,433.

Gold (XAU/USD) is currently trading at $2,464.83, up 0.45%, as investors look for safe-haven assets amid global economic uncertainties. The 4-hour chart shows that gold has breached key resistance levels, indicating bullish momentum.

The immediate resistance is at $2,469.89, followed by $2,483.50 and $2,503.94. If gold manages to break above these levels, it could potentially test higher targets.

On the downside, immediate support is seen at $2,430.57, with subsequent support at $2,408.91 and $2,386.97. A decline below these levels might trigger a bearish trend, but the overall outlook remains positive as long as gold stays above the pivot point of $2,483.00.

The RSI stands at 72, signaling that the metal is currently overbought, which could lead to a short-term correction before further gains.

The 50-day Exponential Moving Average (EMA) at $2,405.75 further supports the bullish trend. This indicator highlights strong buying interest and suggests that the uptrend might continue, especially if macroeconomic conditions continue to favor risk-averse investments.

In terms of trading strategy, an entry price is recommended above $2,455, with a target take-profit level at $2,483 and a stop-loss set at $2,433. This approach aims to capitalize on the current bullish sentiment while managing risk effectively.

Investors should remain cautious, as geopolitical tensions and economic data releases could influence gold prices.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2455

Take Profit – 2483

Stop Loss – 2433

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$2800/ -$2200

Profit & Loss Per Mini Lot = +$280/ -$220