GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate Resistance: $2,526.46; next at $2,540.75 and $2,556.71.

- Immediate Support: $2,491.41; further at $2,480.08 and $2,461.80.

- RSI at 60: Indicates potential for continued upward movement.

Gold is currently trading at $2,513.440, down slightly by 0.03%. The 4-hour chart shows that the precious metal is facing immediate resistance at $2,526.46, with additional resistance levels at $2,540.75 and $2,556.71.

On the downside, key support levels are found at $2,491.41, $2,480.08, and $2,461.80.

The Relative Strength Index (RSI) is holding at 60, which suggests that while gold is not yet overbought, it still has room for upward movement.

The 50-day Exponential Moving Average (EMA) is positioned at $2,471.9390, further supporting a bullish outlook as long as the price stays above this level.

Gold has recently been trading within a tight range, but with the pivot point set at $2,526.19, breaking above this level could signal a continuation of the bullish trend.

The recent small decline suggests some consolidation, but with the broader trend still intact, there’s a good chance that gold could resume its upward trajectory, especially if it holds above the $2,507 level.

Conclusion: Buy above $2,507 with a take profit target at $2,526 and a stop loss at $2,495.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2507

Take Profit – 2526

Stop Loss – 2495

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1900/ -$1200

Profit & Loss Per Mini Lot = +$190/ -$120