GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold faces key resistance at $2,659, with potential upside to $2,674 if bullish momentum strengthens above $2,665.

- Immediate support at $2,635 (50 EMA); a break below this level could lead to further declines toward $2,622.

- RSI at 48 suggests neutral momentum, with a slight bearish tilt, indicating potential for increased selling pressure.

Gold is currently trading at $2,644.41, down 0.16% in the last session, as it hovers near key technical levels. The precious metal has struggled to break above the critical resistance level of $2,659, indicating that bullish momentum may be fading. Immediate resistance stands at $2,665, and a breakout above this level could signal a push toward higher targets at $2,674 and $2,685, which align with Fibonacci retracement levels. However, failure to overcome resistance may open the door for further downside.

On the support side, gold finds immediate support at $2,635, which is also the level of the 50-day EMA, providing a key area of defense for bulls. A breach below this could see prices testing $2,622, with the next critical support at $2,611. The RSI is currently at 48, indicating neutral momentum with a slight bearish tilt, suggesting that the market could be vulnerable to further selling pressure if key support levels fail to hold.

In conclusion, the immediate strategy is to buy above $2,637, with a target of $2,659 and a stop-loss at $2,626. Traders should monitor the $2,665 resistance carefully, as a break above could shift the short-term outlook to bullish.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2637

Take Profit – 2659

Stop Loss – 2626

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2200/ -$1100

Profit & Loss Per Mini Lot = +$220/ -$110