GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Trendline Support: Gold is trading above the key trendline at $2,606, maintaining a potential for bullish momentum.

- Immediate Target: A break above $2,624 may push prices toward the $2,635-$2,647 resistance zone.

Bearish Risk: A breach below $2,596 could lead to a downward move toward $2,587 and potentially $2,576.

Gold (XAU/USD) is trading at $2,614.40, up 0.26%, as the precious metal attempts to stage a recovery after several days of decline. The 4-hour chart shows Gold finding support near the $2,606 pivot point, which aligns with the trendline support observed since early October.

This level is critical, as maintaining it could foster further bullish momentum. Immediate resistance is positioned at $2,624, followed by the 50-day Exponential Moving Average (EMA) at $2,635. A break above $2,635 could open the door for an advance toward $2,647, where stronger selling pressure may re-emerge.

However, if Gold fails to hold above the $2,606 pivot, the immediate support level shifts to $2,596, with deeper support at $2,587. A breach below these levels could signal a bearish shift, exposing prices to the $2,576 area.

The Relative Strength Index (RSI) currently stands at 43, indicating neutral sentiment but hovering near oversold territory. This suggests that while bears have a slight upper hand, a potential reversal could be on the horizon if buying interest gains traction above $2,624.

The technical outlook remains cautious yet slightly optimistic, contingent on Gold's ability to stay above the $2,606 support level. Traders should watch for a decisive break above $2,635 to confirm the bullish bias, while a drop below $2,596 could trigger further selling.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2610

Take Profit – 2628

Stop Loss – 2603

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1800/ -$700

Profit & Loss Per Mini Lot = +$180/ -$70