GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Breakout Potential: Symmetrical triangle pattern suggests potential for a move above $2,666.19 or below $2,639.81.

- Resistance Levels: Key resistances at $2,666.19, $2,686.65, and $2,704.46 could cap upward momentum.

- Support Levels: Downside risk targets include $2,621.48, $2,604.95, and $2,586.53, should bearish sentiment prevail..

Gold (XAU/USD) is trading at $2,645.99, down 0.17% during the session, reflecting a cautious sentiment as the price remains slightly below its pivot point at $2,639.81. This indicates a neutral to bearish outlook in the short term, with traders watching for a breakout or sustained directional move.

Immediate resistance is located at $2,666.19, with subsequent levels at $2,686.65 and $2,704.46. On the downside, support rests at $2,621.48, with additional levels at $2,604.95 and $2,586.53.

Technical indicators suggest a mixed outlook. The Relative Strength Index (RSI) at 53 indicates neutral momentum, while the 50-day EMA at $2,646.06 aligns closely with the current price, acting as a short-term resistance.

A symmetrical triangle pattern signals potential for a breakout, with a move above $2,666.19 likely triggering bullish momentum toward higher resistance levels. Conversely, failure to hold above $2,639.81 could invite selling pressure, targeting key support at $2,621.48.

Traders should monitor market sentiment and global economic data for further cues. Entry is recommended above $2,640, targeting $2,666, with a stop-loss set at $2,625 to mitigate downside risk.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2640

Take Profit – 2666

Stop Loss – 2625

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$2600/ -$1500

Profit & Loss Per Mini Lot = +$260/ -$150