GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Pivot Point in Focus: Gold remains cautiously bullish above the $2,663.15 pivot point.

- Immediate Resistance: Watch for a breakout above $2,671.80 to signal further gains.

- Support Levels: Key support at $2,651.14; a drop below this level could shift momentum.

Gold is currently trading at $2,662.35, gaining 0.27% and staying just below its pivot point of $2,663.15. This minor upward movement indicates a cautious optimism among traders as they await the upcoming Non-Farm Payrolls (NFP) data, which could significantly impact the metal's short-term trajectory. Immediate resistance is noted at $2,671.80, and a break above this level could push prices towards the next resistance points at $2,678.07 and $2,685.66.

On the downside, the $2,651.14 support level is pivotal, backed by the 50-day EMA at $2,651.08. If gold breaks below this level, it may extend its losses to $2,642.23 and possibly even $2,634.48. The RSI is currently at 58, suggesting moderate bullish momentum but with room to rise further before approaching overbought territory.

For traders looking to capitalize on short-term opportunities, a buy entry above $2,665 is recommended, targeting a take-profit level at $2,677, while maintaining a stop-loss at $2,654. This setup aligns with the expectation of bullish continuation if prices sustain above the pivot point. A successful breach above $2,671.80 would add to the bullish case, attracting more buyers and pushing gold toward the upper resistance levels.

However, if the NFP data surprises on the upside, a stronger US dollar could weigh on gold, driving it back toward support levels. For now, gold’s short-term outlook remains cautiously bullish above $2,665, with potential for further gains if technical conditions align favorably.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2665

Take Profit – 2677

Stop Loss – 2654

Risk to Reward – 1: 1.09

Profit & Loss Per Standard Lot = +$1200/ -$1100

Profit & Loss Per Mini Lot = +$120/ -$110