GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold faces immediate resistance at $2,674.26 with a potential target of $2,693.

- The 50-day EMA at $2,659.66 provides crucial support for the bullish trend.

- RSI at 63 shows room for further gains without overbought concerns.

Gold (XAU/USD) is showing bullish momentum, trading at $2,682.10, up 0.36% on the day. The 4-hour chart reveals that the price is approaching a critical resistance at $2,674.26, which, if broken, could trigger further gains toward the next resistance levels at $2,685.25 and $2,694.23.

However, a failure to break this level may see gold retreat to immediate support at $2,655.79, with further support lying at $2,646.42 and $2,637.84.

From a technical perspective, the 50-day Exponential Moving Average (EMA) at $2,659.66 is providing solid support, suggesting a positive outlook for gold as long as the price remains above this level.

The Relative Strength Index (RSI) is currently at 63, indicating a bullish trend without reaching overbought territory, leaving room for further upward movement.

The pivot point at $2,693.00 serves as a key indicator, with potential gains if prices surpass this level. Traders may look to enter positions above $2,674, aiming for a take-profit target around $2,693.

However, caution is advised if the price falls below $2,665, where a stop-loss could help mitigate risks in a downward scenario.

Overall, gold remains bullish as long as the price holds above the $2,674 mark, supported by strong technical indicators. A break above immediate resistance could see gold testing new highs, while a drop below key support may signal a short-term pullback.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2674

Take Profit – 2693

Stop Loss – 2665

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1900/ -$900

Profit & Loss Per Mini Lot = +$190/ -$90