GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold faces resistance at $2,656, with RSI at 46, indicating limited bullish momentum for now.

- Breaking below $2,631 support could trigger a deeper correction toward $2,624 and $2,617 levels.

- CPI report impact on gold likely to drive next major move, watch for key resistance and support levels.

Gold (XAU/USD) is trading at $2,641.84, slightly down by 0.04% in the current session. After encountering strong resistance at $2,651—marked by the 50-day Exponential Moving Average (EMA)—the yellow metal has struggled to gain momentum. Price action remains within a tight range, as traders look for catalysts to determine the next direction.

On the 4-hour chart, gold is hovering just below the pivot point at $2,645, indicating a lack of clear directional bias. Immediate resistance lies at $2,656, followed by $2,663 and $2,670. Breaking above these levels could trigger a short-term bullish trend. However, with the Relative Strength Index (RSI) sitting at 46, there’s limited bullish momentum, and gold could remain under pressure in the short term.

Conversely, if prices break below immediate support at $2,631, gold could see further declines, with subsequent support levels at $2,624 and $2,617. The market remains sensitive to macroeconomic indicators, with the upcoming U.S. Consumer Price Index (CPI) report likely to have a significant impact on gold prices.

Traders are advised to monitor key price levels closely. A move below $2,631 may signal a deeper correction, while a sustained break above $2,656 could pave the way for a potential recovery.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2650

Take Profit – 2633

Stop Loss – 2660

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1700/ -$1000

Profit & Loss Per Mini Lot = +$170/ -$100