GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold remains in an uptrend with immediate resistance at $2,740.60.

- The 50 EMA provides support at $2,703.54, reinforcing the $2,703 zone.

- RSI at 65 indicates bullish momentum but nearing overbought conditions.

Gold is trading at $2,733.64, up 0.51%, as it continues its upward momentum within a bullish channel on the 4-hour chart. The price is hovering just above the $2,728.47 pivot point, and the technical outlook suggests that further gains are likely if the metal can break through immediate resistance levels. The RSI is currently at 65, signaling a bullish sentiment, though nearing overbought territory. This indicates that while the current uptrend is intact, traders should be cautious of potential pullbacks.

The immediate resistance sits at $2,740.60, and if this level is breached, the next resistance zones are expected at $2,752.73 and $2,764.86. These higher resistance points are within reach if momentum continues, supported by solid technical indicators and geopolitical uncertainty fueling safe-haven demand.

On the downside, the immediate support is found at $2,716.59, followed by key levels at $2,701.94 and $2,693.04. These supports will be crucial if the price fails to maintain its current upward trajectory. The 50-day Exponential Moving Average (EMA), currently at $2,703.54, offers additional dynamic support, reinforcing the $2,703 area as a key psychological level for traders.

In conclusion, gold’s bullish bias remains intact, especially as the price trades above $2,728. For traders looking to enter the market, a buy position above $2,728 with a target of $2,752 is suggested, while a stop-loss can be placed at $2,717 to manage risk. Continued strength above resistance levels could signal further gains toward $2,764.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2728

Take Profit – 2752

Stop Loss – 2717

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2400/ -$1100

Profit & Loss Per Mini Lot = +$240/ -$110