GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold (XAU/USD) is showing signs of strength as it attempts to break through key resistance levels. The price is now trading above the pivotal $2,500 mark, which acts as both psychological and technical resistance. This level coincides with the 50-day Exponential Moving Average (EMA) at $2,506.32, signaling that bullish momentum is building. Should the price continue to hold above this level, we could see a test of the next resistance at $2,520, followed by $2,527.

The Relative Strength Index (RSI) at 54.62 suggests that momentum is in the buyers' favor but not yet overbought, leaving room for more upward movement. On the support side, $2,490 remains critical, and a drop below this level could shift the momentum back to the bears, driving the price toward the next support at $2,482.

From a technical perspective, the gold market has broken out of a descending channel, suggesting further upward potential. However, if the price fails to sustain above $2,500, it could lead to renewed selling pressure.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2500

Take Profit – 2520

Stop Loss – 2490

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Mini Lot = +$200/ -$100