GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate Resistance: $2,640.67, with next levels at $2,651.94 and $2,663.95.

- Key Support Levels: Immediate at $2,605.40, followed by $2,593.64 and $2,581.15.

- RSI: Moderate at 58, indicating room for more gains before hitting overbought territory.

Gold (XAU/USD) is trading at $2,628.47, up 0.25%, showing a steady upward movement during the Asian session. The price remains in a short-term bullish trend, supported by a 50-day exponential moving average (EMA) at $2,601.19.

Immediate resistance is situated at $2,640.67, followed closely by the pivotal resistance level at $2,651.94. A break above these levels could propel the price to the next major resistance at $2,663.95.

On the downside, immediate support lies at $2,605.40, with further key supports at $2,593.64 and $2,581.15.

From a technical perspective, the RSI (Relative Strength Index) stands at 58, reflecting moderate bullish momentum without nearing overbought conditions. This indicates room for further gains before any potential pullback.

The key pivot point at $2,652.00 suggests that this level could be the critical threshold for bullish continuation.

Overall, a buy position above $2,623 could target the $2,652 resistance level, with a potential stop-loss at $2,607 to manage downside risk.

The price action suggests further bullish movement as long as gold remains supported by the 50 EMA and the broader sentiment around safe-haven assets remains intact amid global economic uncertainty.

Gold remains bullish above $2,623, with $2,652 as the next key target, supported by a strong technical setup and favorable market sentiment.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2623

Take Profit – 2652

Stop Loss – 2607

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$2900/ -$1600

Profit & Loss Per Mini Lot = +$290/ -$160