GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Pivot Importance: Gold holds above $2,738.29, a critical pivot for potential upside.

- Resistance Levels: Key resistance at $2,745.32, with major barriers near the 50 EMA at $2,754.12.

- Support Risks: Immediate support lies at $2,731.80; a break below may strengthen bearish sentiment.

Gold (XAU/USD) is trading at $2,741.66, up 0.19% for the day, and currently sits just above a key pivot level at $2,738.29. The immediate resistance at $2,745.32 will be closely watched, as a break above could pave the way for further gains, with additional resistance targets at $2,753.70 and $2,760.76.

These levels align with the 50-day Exponential Moving Average (EMA) at $2,754.12, reinforcing the $2,753.70 mark as a crucial hurdle for any sustained bullish momentum.

On the downside, immediate support rests at $2,731.80, with subsequent layers at $2,724.64 and $2,717.20. Should gold dip below these levels, it may signal a shift to a more bearish outlook, particularly as the RSI stands at 43, indicating neutral territory but leaning towards bearishness in the short term.

With the broader trend influenced by ongoing geopolitical tensions and market expectations for a potential Fed rate cut, the $2,738.29 pivot level becomes even more critical. A sustained move above this pivot could attract additional buying interest, targeting $2,753. Meanwhile, a dip below could invite sellers, pushing gold toward the lower support levels.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2738

Take Profit – 2753

Stop Loss – 2729

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1500/ -$900

Profit & Loss Per Mini Lot = +$150/ -$90