GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold remains bullish above $2,575, with resistance levels at $2,589.57 and $2,601.99.

- 50-day EMA provides strong support, ensuring stability near $2,575.37.

- RSI at 55 indicates steady buying momentum, with potential for further upside above $2,589.57.

Gold (XAU/USD) is trading at $2,575.97, up 0.19%, holding steady above key technical levels, signaling potential bullish momentum. The immediate resistance is seen at $2,589.57, with further resistance at $2,601.99 and $2,612.69. On the downside, immediate support is at $2,555.78, followed by $2,545.84 and $2,535.16.

The 50-day Exponential Moving Average (EMA) at $2,575.37 is acting as crucial near-term support, reinforcing the upward trend. The Relative Strength Index (RSI) stands at 55, indicating moderate buying interest, yet still leaving room for additional gains.

If gold breaks above $2,589.57, it may open the door for further gains towards the $2,600 mark. However, a failure to hold above $2,555.78 could trigger bearish pressure, bringing prices down towards the lower support levels.

With global economic uncertainty and a weaker US dollar following the Fed’s recent monetary easing, gold continues to benefit from its safe-haven appeal. The near-term outlook remains bullish as long as prices hold above the $2,568 level.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2568

Take Profit – 2597

Stop Loss – 2553

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$2900/ -$1500

Profit & Loss Per Mini Lot = +$290/ -$150