GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trading near $2,600 with next resistance at $2,609.07 and $2,619.51.

- 50-day EMA at $2,578.06 provides solid support, maintaining the bullish outlook.

- RSI at 63 signals bullish momentum but approaches overbought territory, suggesting a potential pullback or consolidation.

Gold (XAU/USD) is currently trading at $2,593.96, up 0.25%, as it hovers near the psychological level of $2,600. With the price approaching key technical levels, the metal remains bullish in the short term.

The pivot point at $2,600 serves as a critical juncture. Immediate resistance is seen just above at $2,600.32, with further upside targets at $2,609.07 and $2,619.51. Should prices break above these levels, gold could see an extended rally, driven by positive momentum.

On the downside, immediate support is positioned at $2,577.27, followed by $2,564.14 and $2,551.52.

The 50-day Exponential Moving Average (EMA) at $2,578.06 is acting as a strong support level, ensuring the bullish bias remains intact unless broken.

The Relative Strength Index (RSI) stands at 63, signaling upward momentum but nearing overbought conditions, which could prompt a short-term pullback or consolidation around current levels.

A sustained break above $2,600 would confirm the continuation of the uptrend, while a fall below $2,577 could introduce selling pressure and test lower support levels.

Gold’s technical outlook remains favorable as long as the price holds above $2,578.06. Traders may want to keep an eye on broader economic data, particularly inflation figures, which could further support gold's appeal as a safe-haven asset amid ongoing market uncertainties.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2590

Take Profit – 2600

Stop Loss – 2580

Risk to Reward – 1: 1

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

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