GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Pivot Point: $2503.37 will determine the next directional move for gold.

- Support Level: Immediate support at $2475.81, critical for maintaining the current bullish trend.

- Resistance: Key resistance at $2520.98, with potential to push higher if broken

Gold is currently demonstrating strength, trading at $2,492.85, up 0.33% for the day. The key pivot point at $2,503.37 will be crucial in determining gold's next move. Immediate resistance lies at $2,520.98, with further resistance levels at $2,540.75.

On the downside, support is found at $2,475.81, with additional levels at $2,450.95 and $2,432.88. The Relative Strength Index (RSI) is at 48, indicating neutral momentum, while the 50-day Exponential Moving Average (EMA) at $2,485.74 provides underlying support.

If gold manages to break above the $2,503.37 pivot point, it could sustain its upward trend, potentially reaching the $2,520.98 resistance level. However, if the price falls below the $2,475.81 support level, it could signal a deeper correction.

Conclusion: Consider buying above $2,480, with a target of $2,505 and a stop loss at $2,462. This strategy offers a balanced risk-to-reward ratio, especially if gold maintains its upward momentum.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2480

Take Profit – 2505

Stop Loss – 2462

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2500/ -$1800

Profit & Loss Per Mini Lot = +$250/ -$180