GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Support and Resistance: Immediate resistance at $2,666.19, with strong support at $2,622.74.

- Trend Indicators: Prices hover near the 50 EMA ($2,643.11), signaling a cautious upward bias.

- Trade Setup: Buy above $2,636 with a take-profit target of $2,666 and a stop-loss at $2,620.

Gold prices continue to show resilience, edging up 0.33% to $2,647.74 as of the latest trading session. The metal has managed to sustain itself above the critical pivot point at $2,636.59, supported by a moderately bullish sentiment on the 4-hour chart.

With the 50 EMA holding steady at $2,643.11, the short-term trend suggests potential upward momentum, though further confirmation is required.

Immediate resistance lies at $2,666.19, which aligns with the projected take-profit level for intraday traders. A break above this level could expose $2,686.59, followed by the key psychological threshold of $2,704.92.

On the downside, immediate support rests at $2,622.74, with further declines potentially testing $2,604.95 and $2,586.53. Traders are advised to monitor these levels closely as a breach could signal a deeper retracement.

Technical indicators present a mixed outlook. The RSI hovers around 50, indicating a neutral sentiment with room for directional movement depending on price action. The market's sensitivity to upcoming economic data and geopolitical developments could play a pivotal role in defining the trend this week.

Given the current setup, a buying opportunity emerges above $2,636, targeting $2,666 while maintaining a disciplined stop-loss at $2,620. This strategy balances the ongoing bullish undertone with the potential for temporary retracements.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2636

Take Profit – 2666.

Stop Loss – 2620

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$3000/ -$1600

Profit & Loss Per Mini Lot = +$300/ -$160