GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate resistance is at $2,529.29; next target at $2,540.41.

- RSI at 65 shows bullish momentum, though nearing overbought levels.

- 50-day EMA at $2,508.16 provides strong support, reinforcing the upward trend.

Gold (XAU/USD) continues to demonstrate bullish momentum, currently trading at $2,520.76, up 0.15%. The yellow metal has been supported by a weakening US dollar and expectations of dovish monetary policy from the Federal Reserve. Traders are closely watching inflation data, which could further reinforce safe-haven demand.

Key levels indicate that immediate resistance is at $2,529.29, closely followed by the next resistance at $2,540.41. Should prices push beyond this threshold, the next major target is $2,550.45.

On the downside, immediate support lies at $2,507.77, with further support at $2,498.09 and $2,485.65, levels that could prompt a sell-off if breached.

Technical indicators suggest a continued bullish outlook. The RSI stands at 65, signaling that Gold is approaching overbought conditions, but still has room to climb.

The 50-day EMA at $2,508.16 reinforces a strong support zone just above $2,507, further suggesting an upward trend as long as prices stay above this level.

In terms of strategy, traders may look to buy above $2,515 with a target price of $2,529, aiming to capture gains from short-term momentum. A stop-loss at $2,507 is advisable to manage downside risk, particularly if support levels are tested.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2515

Take Profit – 2529

Stop Loss – 2507

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1400/ -$800

Profit & Loss Per Mini Lot = +$140/ -$80