GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Critical Resistance: $2,711.09 is the next key resistance, with $2,726.95 as the extended target.

- Overbought Signals: RSI at 81 suggests potential short-term consolidation or correction.

- Dynamic Support: The 50-day EMA at $2,639.13 underpins the broader bullish trend.

Gold prices are trading at $2,695.58, marking a 0.97% increase as bullish momentum strengthens. The metal is nearing immediate resistance at $2,711.09, with further levels at $2,726.95 in focus.

On the downside, immediate support lies at $2,673.90, followed by $2,645.52 and $2,635.05, providing a safety net for price corrections. The pivot point at $2,691.73 is crucial for maintaining upward momentum. A sustained move above this level would bolster bullish sentiment and validate further gains.

The RSI stands at 81, signaling overbought conditions that could trigger a short-term pullback. Despite this, the 50-day EMA at $2,639.13 continues to act as strong dynamic support, reinforcing the broader uptrend. Price action remains aligned with a bullish channel, and the upward trajectory is expected to persist as long as prices hold above the pivot.

Traders are advised to consider buying above $2,684 with a take-profit target at $2,710 and a stop-loss at $2,666. A breakout above $2,711.09 could push prices toward $2,726.95, but caution is warranted due to overbought signals from the RSI.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2684

Take Profit – 2710

Stop Loss – 2666

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$2600/ -$1800

Profit & Loss Per Mini Lot = +$260/ -$180