GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bullish Continuation: Break above $2,757.89 targets $2,771.04 and possibly $2,778.16.

- Pivot Point Influence: Trading above $2,764.23 strengthens the bullish stance.

- Support Levels: Initial support at $2,748.71; stronger base at $2,740.15 if prices dip.

Gold prices are experiencing steady upward momentum, trading around $2,751.93 per ounce, a 0.34% increase on the day. The immediate resistance level lies at $2,757.89, and a successful breach of this barrier could push gold toward the next resistance at $2,771.04. If the bullish sentiment continues, traders may look for gains targeting the higher resistance at $2,778.16.

The pivot point is set at $2,764.23, a crucial marker that traders should watch closely. A sustained move above this pivot would reinforce a bullish outlook, potentially establishing new support levels.

The 50-day EMA, currently positioned at $2,737.06, provides further support and signals that the overall trend remains upward. With gold trading above this level, the technical landscape favors a bullish bias.

The Relative Strength Index (RSI) stands at 64, indicating positive momentum but staying below the overbought threshold, suggesting room for further gains without an immediate pullback.

If prices encounter selling pressure, initial support rests at $2,748.71, followed by a more substantial support level at $2,740.15. Should the decline extend, $2,730.18 offers additional support, cushioning any downside risk.

For those entering positions, the outlook remains bullish above $2,745, with suggested profit-taking around $2,765 and a stop-loss set near the 50-day EMA at $2,737.06.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Bullish Above 2745

Take Profit – 2765

Stop Loss – 2737

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$2000/ -$800

Profit & Loss Per Mini Lot = +$200/ -$80