GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Pivot point at $2739.97 holds as a key marker for upward momentum.

- Immediate resistance at $2752.73; a break above could lead to $2764.86.

- RSI nearing overbought levels, but price action remains supported above the 50-day EMA.

Gold prices (XAU/USD) continued their modest upward trend on Wednesday, edging 0.04% higher to $2750.14 during the early European session. The precious metal remains buoyant, underpinned by global macroeconomic concerns and a weakening U.S. dollar, providing solid ground for bullish sentiment.

On the 4-hour chart, key technical levels reveal that Gold is positioned just above its pivot point of $2739.97, which could act as a critical marker for further upside momentum. Immediate resistance stands at $2752.73, followed by stronger hurdles at $2764.86 and $2776.39. If prices close above the immediate resistance level, Gold may gather enough momentum to test the higher resistance at $2764.86.

On the downside, initial support lies at $2729.46, with subsequent supports at $2716.59 and $2701.94. A breach of $2729.46 could trigger a deeper corrective pullback toward these lower levels.

From a technical standpoint, the Relative Strength Index (RSI) is currently at 66.00, indicating that Gold is nearing overbought territory but still has room for upward movement before significant correction risk emerges.

The 50-day Exponential Moving Average (EMA) of $2718.48 provides additional bullish confirmation, as prices remain comfortably above this key moving average, suggesting ongoing bullish strength in the short term.

For traders looking for entry points, the outlook remains positive with a buy entry above $2740, targeting the next resistance at $2764. However, caution is warranted with a stop loss at $2729 to manage downside risks.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2740

Take Profit – 2764

Stop Loss – 2729

Risk to Reward – 1: 2.1

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

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