GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold's immediate resistance is $2,529.29, with bullish potential above this level.

- Support holds at $2,507.77, but a break could lead to further downside toward $2,485.65.

- RSI at 56 indicates neutral momentum, suggesting potential for either further gains or pullback.

Gold (XAU/USD) is showing signs of modest recovery, trading at $2,517.66, up 0.25% during the 4-hour session.

The precious metal has been hovering above key support levels, benefiting from a weaker U.S. Dollar amid expectations of further dovish policy signals from the Federal Reserve.

Traders are eyeing the $2,529 pivot point, a critical resistance level that could signal further upside momentum if breached.

Immediate resistance sits at $2,529.29, which coincides with the 50-period Exponential Moving Average (EMA), currently at $2,508.80.

A break above this level could target the next resistance zones at $2,540.41 and $2,550.45. If the price manages to hold above these levels, a more bullish trend may develop, possibly pushing Gold toward the $2,560 mark in the near term.

On the downside, immediate support is located at $2,507.77, and failure to maintain this level could trigger a deeper pullback toward $2,498.09.

The next key support rests at $2,485.65, where traders might anticipate stronger buying interest.

The Relative Strength Index (RSI), currently at 56, suggests that the market is in neutral territory, with neither overbought nor oversold conditions, leaving room for further movement in either direction.

For now, the overall technical outlook for Gold remains cautiously bullish, but traders should closely monitor price action around the $2,529 level.

Should the precious metal fail to break above this key resistance, bearish momentum may build, prompting a retreat toward the $2,500 region.

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