Daily Price Outlook

- Gold faces immediate resistance at $2,626.76; break above could target $2,640.36.

- Support levels at $2,583.95 and $2,568.47 are key for downside protection.

- RSI at 50 signals neutrality, while the 50 EMA at $2,615.16 caps upward momentum.

Gold (XAU/USD) is trading at $2,604.19, up 0.37% on the day, as the metal consolidates above the $2,596.10 pivot point. Despite the modest gains, gold faces immediate resistance at $2,626.76, with further hurdles at $2,640.36.

A sustained break above these levels could open the door for bullish momentum, targeting new highs in the near term. On the downside, immediate support is seen at $2,583.95, followed by stronger levels at $2,568.47 and $2,555.24.

Technical indicators present a mixed picture. The RSI is neutral at 50, suggesting that gold is neither overbought nor oversold. However, the 50 EMA at $2,615.16 indicates near-term bearish pressure, as the price remains below this key moving average. To regain bullish momentum, gold must clear the $2,613 pivot point and stay above the 50 EMA.

The current setup suggests a cautious trading strategy. Traders may look to buy near $2,596 with a stop-loss at $2,584 and a take-profit target of $2,613. A break above $2,626 could justify higher targets, while failure to hold $2,583 may lead to sharper declines.

GOLD Price Chart - Source: Tradingview
GOLD Price Chart - Source: Tradingview

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Limit 2596

Take Profit – 2613

Stop Loss – 2584

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1700/ -$1200

Profit & Loss Per Mini Lot = +$170/ -$120

GOLD

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