GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold faces key resistance at $2,602.35, with RSI indicating overbought conditions.

- Immediate support is found at $2,568.01, with a break below potentially leading to further downside.

- The 50-day EMA at $2,539.86 provides strong support for the overall bullish trend.

Gold (XAU/USD) is trading at $2,582.26, up 0.28% as it approaches key resistance levels. On the 4-hour chart, the immediate resistance stands at $2,602.35, followed by stronger resistance at $2,608.62. A break above these levels could pave the way for further upside momentum.

However, with the RSI at 70, the asset is entering overbought territory, signaling a potential pullback.

Immediate support sits at $2,568.01, with additional support levels at $2,557.04 and $2,546.20. The 50-day EMA is at $2,539.86, providing a critical technical floor for the bullish trend.

A break below the pivot point of $2,567.53 could see gold retracing toward lower support levels, but overall sentiment remains cautiously bullish as long as prices remain above the pivot.

Traders should note the elevated RSI, which may trigger short-term profit-taking. However, the broader trend continues to favor the upside, with buyers likely targeting a sustained break above $2,602.35.

A cautious entry strategy suggests selling below $2,585, with take-profit targets near $2,567 and a stop-loss around $2,594 to protect against volatility.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2585

Take Profit – 2567

Stop Loss – 2594

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1800/ -$900

Profit & Loss Per Mini Lot = +$180/ -$90