Daily Price Outlook

Despite various supportive factors, Gold XAU/USD continues to face selling pressure, trading around $2,650 after hitting an intraday low of $2,647.

This decline was driven by a shift toward risk-on sentiment, which diminishes gold's appeal as a safe-haven asset. The sentiment has been bolstered by China’s recent announcement of additional stimulus measures over the weekend.

Conversely, ongoing geopolitical risks, including the Israel-Lebanon conflict and significant political developments in Japan and the U.S., have kept some demand for safe-haven assets alive, which is helping to cushion gold from more severe losses.

Moreover, a dovish outlook from the Federal Reserve, along with a weaker U.S. dollar, is offering partial support for gold prices, easing some of the downward pressure.

China's Stimulus Measures and Market Sentiment Impact on Gold

Global market sentiment has improved significantly, particularly after the People's Bank of China announced plans to reduce mortgage rates for existing home loans by October 31.

This move follows China’s recent major stimulus package, the largest since the pandemic, which has bolstered market confidence.

Notably,, China’s official Manufacturing PMI rose to 49.8 in September from 49.1, surpassing expectations. However, the Non-Manufacturing PMI dipped slightly to 50.0 from 50.3.

Meanwhile, the Caixin Manufacturing PMI contracted to 49.3, and the Caixin Services PMI fell to 50.3, down from August’s 51.6.

Therefore, the improvement in market sentiment and China’s stimulus measures may reduce gold's safe-haven appeal, as investors seek riskier assets. However, weaker manufacturing data could still drive some demand for gold as a hedge against economic uncertainty.

Geopolitical Tensions and Their Impact on Gold Prices

On the other hand, tensions in the Middle East are heating up as Israel steps up its military operations against Iran's allies, specifically targeting the Houthis in Yemen and Hezbollah in Lebanon.

Recent Israeli airstrikes have struck various locations, including ports and power plants in Yemen, leading to the death of Nabil Kaouk, the deputy head of Hezbollah’s Central Council. His death marks the seventh Hezbollah leader killed in just over a week, highlighting the escalating conflict.

These rising tensions are likely to boost demand for gold as a safe-haven asset, especially in light of the ongoing geopolitical instability.

This increased demand may help offset the reduced appeal of gold due to China's stimulus measures, resulting in mixed pressures on gold prices in the short term.

GOLD (XAU/USD) - Technical Analysis

Gold (XAU/USD) is trading at $2,650.58, reflecting a slight decline of 0.08% as bearish sentiment persists. The metal is struggling to break above its pivot point at $2,658.20, indicating a lack of upward momentum.

Gold faces immediate resistance at $2,666.42, followed by a stronger barrier at $2,685.82. Any move above these levels could signal a potential bullish reversal; however, with the 50-day Exponential Moving Average (EMA) positioned at $2,663.47, this area remains a significant resistance zone for gold in the short term.

On the downside, immediate support is at $2,645.13, with further levels to watch at $2,634.74 and $2,624.02.

A break below $2,645.13 could open the door to a deeper retracement, possibly testing the 200-day EMA around $2,628.98. The Relative Strength Index (RSI) is currently at 41, suggesting a bearish bias but not yet oversold, leaving room for further declines.

From a technical perspective, sellers seem to have the upper hand as long as prices remain below the $2,658 pivot level. Traders might consider short positions below this level with a target of $2,640 and a stop-loss set at $2,665.

The broader market sentiment will likely be influenced by key events like the upcoming Non-Farm Payrolls (NFP) report and Fed Chair Powell’s speech, which could inject volatility into gold prices.

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Daily Price Outlook

- Bearish Bias: Gold remains under pressure below $2,658, with immediate support at $2,645.

- Key Resistance: $2,666 and $2,685 are critical levels to watch for a bullish breakout.

- Short Entry: Consider selling below $2,658 with a target of $2,640 and stop-loss at $2,665.

Gold (XAU/USD) is trading at $2,650.58, reflecting a slight decline of 0.08% as bearish sentiment persists. The metal is struggling to break above its pivot point at $2,658.20, indicating a lack of upward momentum.

Gold faces immediate resistance at $2,666.42, followed by a stronger barrier at $2,685.82. Any move above these levels could signal a potential bullish reversal; however, with the 50-day Exponential Moving Average (EMA) positioned at $2,663.47, this area remains a significant resistance zone for gold in the short term.

On the downside, immediate support is at $2,645.13, with further levels to watch at $2,634.74 and $2,624.02. A break below $2,645.13 could open the door to a deeper retracement, possibly testing the 200-day EMA around $2,628.98.

The Relative Strength Index (RSI) is currently at 41, suggesting a bearish bias but not yet oversold, leaving room for further declines.

From a technical perspective, sellers seem to have the upper hand as long as prices remain below the $2,658 pivot level. Traders might consider short positions below this level with a target of $2,640 and a stop-loss set at $2,665.

The broader market sentiment will likely be influenced by key events like the upcoming Non-Farm Payrolls (NFP) report and Fed Chair Powell’s speech, which could inject volatility into gold prices.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2658

Take Profit – 2640

Stop Loss – 2665

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$1800/ -$700

Profit & Loss Per Mini Lot = +$180/ -$70

Daily Price Outlook

- Immediate resistance stands at $2,677.76, with further resistance at $2,685.83.

- The 50-day EMA at $2,664.45 is providing crucial short-term support.

- RSI at 53 indicates neutral momentum, with room for further gains or potential downside.

Gold (XAU/USD) is trading at $2,670.84, down 0.16% during today’s session, as it struggles to maintain its recent bullish momentum. The precious metal is hovering around key technical levels, with immediate support found at $2,659.88. A drop below this could see further downside toward $2,653.43, while strong resistance at $2,677.76 will be the first hurdle for bulls to overcome.

The 50-day Exponential Moving Average (EMA) is currently at $2,664.45, providing short-term support. If Gold prices remain above this level, the bullish trend could resume, targeting the next resistance at $2,685.83. A decisive break above this could open the door to test the psychological $2,700 mark. However, failure to hold the EMA could lead to further declines, with the next support seen at $2,646.49.

The Relative Strength Index (RSI) sits at 53, indicating neutral conditions. With room for further upward movement, the RSI suggests that Gold could still have some upside potential, especially if upcoming U.S. economic data triggers safe-haven demand. However, a cautious approach is recommended as any break below $2,660 could trigger a sharper selling trend.

In conclusion, Gold’s near-term outlook hinges on its ability to stay above the 50 EMA and immediate support levels.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Limit 2666

Take Profit – 2680

Stop Loss – 2660

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1400/ -$600

Profit & Loss Per Mini Lot = +$140/ -$60

Daily Price Outlook

Gold prices (XAU/USD) came under selling pressure on the final trading day of the week, pulling back from the record high of $2,686 set on Thursday. The drop was primarily driven by renewed demand for the US Dollar (USD), which typically weakens gold's appeal.

In the meantime, the positive market sentiment, fueled by China's new stimulus measures, also turned investor interest away from the safe-haven asset.

Nevertheless, expectations of more aggressive Federal Reserve rate cuts are keeping the US dollar close to last week’s year-to-date low. Furthermore, the escalating geopolitical tensions in the Middle East limit gold's downside.

Traders are now focused on the upcoming US Personal Consumption Expenditure (PCE) Price Index for further market direction.

Impact of US Economic Data and Fed Commentary on Gold Prices

On the US front, the broad-based US Dollar saw a slight uptick due to increased buying, which typically reduces demand for gold. Federal Reserve Governor Michelle Bowman defended her decision to vote against a substantial rate cut in September, citing ongoing inflation risks.

Atlanta Fed President Raphael Bostic also urged caution against rushing into rate cuts, while other officials suggested that larger cuts could be on the horizon.

Meanwhile, Fed Governor Lisa Cook supported the recent 50-basis-point cut, acknowledging a decrease in inflation risks but raising concerns over rising employment challenges.

Market participants now see a more than 50% chance of the Federal Reserve cutting interest rates by 50 basis points at its November meeting.

Recent data from the Bureau of Economic Analysis revealed that the US economy grew at an annual rate of 3% in the second quarter, in line with initial estimates.

Meanwhile, the Census Bureau reported flat new orders for manufactured durable goods in August, though orders excluding transportation rose by 0.5%.

Moreover, initial jobless claims dropped to 218,000, the lowest since mid-May. While this data temporarily supported the USD, the Fed's overall dovish outlook has kept gold prices steady, with the upcoming release of the Personal Consumption Expenditure (PCE) Price Index potentially providing further support for gold.

Therefore, the mixed signals from US economic data and Fed commentary have created uncertainty, supporting gold prices.

Dovish Fed expectations could limit USD strength, making gold an attractive safe-haven asset, especially ahead of the upcoming Personal Consumption Expenditure Price Index release.

Geopolitical Tensions and Market Optimism Drive Gold Prices to New Highs

On the geopolitical front, escalating tensions in the Middle East and the potential for a wider regional conflict are driving gold prices to new all-time highs.

As a safe-haven asset, gold typically appreciates during periods of uncertainty as investors seek protection. However, a positive market sentiment, fueled by new stimulus measures from China, is diverting funds away from gold and into riskier assets.

This shift is diminishing demand for gold, as investors increasingly seek higher returns in other areas of the market.

GOLD (XAU/USD) - Technical Analysis

Gold (XAU/USD) is trading at $2,670.84, down 0.16% during today’s session, as it struggles to maintain its recent bullish momentum.

The precious metal is hovering around key technical levels, with immediate support found at $2,659.88. A drop below this could see further downside toward $2,653.43, while strong resistance at $2,677.76 will be the first hurdle for bulls to overcome.

The 50-day Exponential Moving Average (EMA) is currently at $2,664.45, providing short-term support. If Gold prices remain above this level, the bullish trend could resume, targeting the next resistance at $2,685.83.

A decisive break above this could open the door to test the psychological $2,700 mark. However, failure to hold the EMA could lead to further declines, with the next support seen at $2,646.49.

The Relative Strength Index (RSI) sits at 53, indicating neutral conditions. With room for further upward movement, the RSI suggests that Gold could still have some upside potential, especially if upcoming U.S. economic data triggers safe-haven demand.

However, a cautious approach is recommended as any break below $2,660 could trigger a sharper selling trend.

In conclusion, Gold’s near-term outlook hinges on its ability to stay above the 50 EMA and immediate support levels.

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Daily Price Outlook

- USD/JPY is approaching key resistance at 145.409, with a pivot point at 145.398.

- Immediate support at 143.968, reinforced by the 50-EMA at 144.016.

- RSI at 66 indicates the pair is nearing overbought territory, suggesting caution.

The USD/JPY pair is trading slightly higher at 144.877, marking a modest increase of 0.04% for the day. The pair is hovering near a crucial pivot point at 145.398, which could serve as a turning point for future price action.

Immediate resistance is found just above at 145.409, with further resistance levels at 145.973 and 146.514, which could become significant if the current upward momentum persists.

On the downside, immediate support stands at 143.968, followed by deeper supports at 143.475 and 142.910. The 50-day Exponential Moving Average (EMA), currently at 144.016, is providing strong dynamic support, suggesting the pair will remain buoyed above this level.

Meanwhile, the Relative Strength Index (RSI) is at 66, signaling that the pair is nearing overbought conditions, a potential indicator of short-term exhaustion.

Traders may consider a buy limit at 144.478, targeting the pivot point at 145.398, with a stop loss at 143.978 to mitigate downside risks. The overall trend remains bullish, as long as the price stays above the 50-EMA.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Limit 144.478

Take Profit – 145.398

Stop Loss – 143.978

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$920/ -$500

Profit & Loss Per Mini Lot = +$92/ -$50

Daily Price Outlook

Gold (XAU/USD) continued its upward momentum, trading firmly around the $2,675 level and reaching an intra-day high of $2,675. This rally was fueled by several factors, including declining global interest rates, rising tensions in the Middle East, and a weakening US Dollar.

However, the speculation has increased regarding the US Federal Reserve's potential continuation of an aggressive monetary easing strategy.

Moreover, recent interest rate cuts by central banks, such as the People's Bank of China, Sweden's Riksbank, and the Czech National Bank, have enhanced gold's attractiveness.

Lower interest rates decrease the opportunity cost of holding gold—a non-yielding asset—making it more appealing to investors.

Fed Chair Jerome Powell's speech on Thursday is expected to attract significant attention from traders looking for hints about future rate cuts and their impact on XAU/USD.

At the same time, important US economic data, including the final Q2 GDP numbers, Weekly Initial Jobless Claims, and Durable Goods Orders, will provide more context about the economy.

Fed Rate Cut Expectations and Weak Dollar Propel Gold Higher

On the US front, the broad-based US Dollar has been losing momentum as markets increasingly expect another 50 basis point (0.50%) interest rate cut from the Federal Reserve in November.

Despite stronger-than-expected New Home Sales data for August and solid Mortgage Applications, there's little evidence the US economy is heading for a hard landing.

However, the Labor market data, like Thursday's Jobless Claims report, could play a crucial role in shaping market expectations, influencing both the US Dollar and Gold prices.

Currently, market-based odds for a 50 bps rate cut remain above 60%, according to the CME FedWatch tool, adding further pressure on the Dollar and boosting Gold, which is primarily traded in USD.

Another factor impacting sentiment is the sharp drop in consumer confidence. On Tuesday, the Conference Board's Consumer Confidence Index fell to 98.7 in September, well below expectations and August's upwardly revised 105.6.

Concerns about the labor market were a key driver of this decline. Traders are now looking ahead to Fed Chairman Jerome Powell's speech on Thursday for more clues about future Fed policy, which could have a big impact on Gold prices.

This news has boosted Gold prices as expectations of a 50 basis point rate cut and a weaker US Dollar increase Gold's appeal as a safe-haven asset. Dovish Fed comments and falling consumer confidence further support Gold's upward momentum.

Geopolitical Tensions and Global Rate Cuts Drive Gold Near Record High

On the geopolitical front, the escalating conflict between Israel and Hezbollah is pushing investors towards safe-haven assets like gold.

On Wednesday, Israeli Defense Forces chief Herzi Halevi told troops in northern Israel to prepare for a possible ground invasion of Lebanon, following continued missile exchanges.

If this invasion happens, it could increase global risk concerns, driving more demand for gold.

At the same time, gold is trading just below its record high of $2,670 per ounce, supported by recent interest rate cuts from central banks like the People’s Bank of China, Sweden's Riksbank, and the Czech National Bank.

Lower interest rates reduce the cost of holding gold, which doesn’t earn interest, making it more appealing to investors. These combined factors of geopolitical tension and lower rates are giving gold a strong boost in the market.

GOLD (XAU/USD) - Technical Analysis

Gold (XAU/USD) continues its steady climb, trading near $2,662.67, up 0.18% for the day. The precious metal is navigating just below a critical pivot point at $2,670.00, reflecting strong bullish momentum, but immediate resistance at $2,670.90 could challenge further upward movement.

Should gold break this resistance, the next target lies at $2,681.48, followed by a higher ceiling at $2,691.20.

On the downside, immediate support is anchored at $2,643.40, offering a cushion for any pullbacks. Further support can be found at $2,633.40 and $2,623.81, levels that could come into play if the metal faces selling pressure.

The 50-EMA is currently positioned at $2,650.99, acting as a strong dynamic support. As long as gold remains above this level, the bullish trend is likely to continue. The Relative Strength Index (RSI) stands at 58, signaling neutral to slightly bullish momentum.

This suggests there is room for further upside without overbought conditions limiting the price action.

Traders are advised to consider entry points above $2,655, with a target of $2,670. A prudent stop loss around $2,645 would provide protection against downside risks. Overall, the outlook remains cautiously optimistic, with strong technical backing for further gains.

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Daily Price Outlook

During the European trading session, gold prices (XAU/USD) have struggled to rise and are holding steady around $2,600. However, the market mood has shifted, with more investors willing to take risks due to China’s new economic stimulus, leading them to seek better returns elsewhere, which makes gold less attractive as a safe investment.

Despite this decline, a significant drop in gold prices isn’t expected, as the Federal Reserve's plans to ease monetary policy are putting pressure on the U.S. dollar, making gold more appealing. Moreover, ongoing tensions in the Middle East and uncertainty in U.S. politics ahead of the November elections are also supporting gold prices.

Weak US Economic Data and Rate Cut Expectations Propel Gold Prices to New Highs

On the US front, the broad-based US dollar is facing pressure, with markets currently estimating over a 75% chance that the Federal Reserve will cut interest rates by another 50 basis points in November. This outlook has been reinforced by Tuesday's disappointing US economic data, which pushed the dollar closer to its year-to-date low. As a result, gold prices have surged to a new all-time high.

On the data front, the Conference Board's Consumer Confidence Index fell to 98.7 in September, down from 105.6 in August, indicating a decline in consumer sentiment. Meanwhile, the Present Situation Index dropped from 134.6 to 124.3. Moreover, a survey from the Richmond Fed revealed that manufacturing activity remains weak, with the composite manufacturing index declining to -21 in September from -19.

Traders are closely watching speeches from Fed officials this week, especially from Fed Chair Jerome Powell on Thursday, as these may provide insights into future rate cuts and influence market trends. Moving on, attention will also be on the release of the US Personal Consumption Expenditure (PCE) Price Index on Friday, which is expected to affect demand for the dollar in the short term.

Therefore, the expectation of a Federal Reserve interest rate cut, combined with weak US economic data, has driven gold prices to new highs. As the dollar weakens, gold becomes more attractive, prompting increased demand for the precious metal as a safe haven.

Rising Geopolitical Tensions in the Middle East Increase Demand for Gold as a Safe Haven Asset

On the geopolitical front, the ongoing conflict in the Middle East, particularly between Israel and Palestine, is escalating tensions and impacting global markets. Israel's attacks on Gaza have resulted in significant civilian casualties, with reports of at least 12 Palestinians killed in just the last day.

The situation in Lebanon is also dire, with over 558 fatalities, including many children, due to Israeli airstrikes. The United Nations has urged Israel to refrain from attacking schools that serve as shelters for displaced Palestinians, following tragic incidents that left dozens dead in school attacks.

These developments have raised concerns about further geopolitical instability, which could support gold prices in the market. As tensions rise, investors often turn to gold as a safe haven.

Additionally, the uncertainty surrounding the upcoming U.S. presidential election adds to the complexity of the situation, making it more challenging to predict market movements. As of now, the ongoing conflict has resulted in a staggering number of casualties, with over 41,000 people reported dead and many more injured in Gaza.

The escalating conflict in the Middle East is driving investors towards gold as a safe haven asset. Increased geopolitical instability typically supports higher gold prices, as uncertainties, including the U.S. presidential election, further enhance demand for secure investments.

GOLD (XAU/USD) - Technical Analysis

Gold (XAU/USD) is currently trading at $2,652.43, down 0.18% as profit-taking and market uncertainty weigh on prices. The key pivot point lies at $2,657.23, indicating potential bearish momentum if prices remain below this level.

Immediate resistance sits at $2,670.90, with higher resistance targets at $2,681.48 and $2,691.20. A break above these levels could signal a shift to a bullish bias. On the downside, immediate support is at $2,648.18, followed by $2,640.19 and $2,631.56.

The Relative Strength Index (RSI) is neutral at 55, indicating neither overbought nor oversold conditions. However, a move below the 50 mark could indicate growing bearish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $2,637.30, offering solid short-term support. If prices break below the $2,648 support level, a drop toward $2,640 or $2,631 is likely.

Given the current setup, traders are advised to adopt a cautious stance. The entry price for selling is recommended below $2,657 with a take-profit target of $2,640 and a stop-loss at $2,674.

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Daily Price Outlook

- Immediate Resistance at $2,670.90; breaking above signals bullish potential.

- Immediate Support at $2,648.18; a breach could target $2,631.56.

- RSI at 55 shows neutral momentum, with caution toward a bearish shift if it dips below 50.

Gold (XAU/USD) is currently trading at $2,652.43, down 0.18% as profit-taking and market uncertainty weigh on prices. The key pivot point lies at $2,657.23, indicating potential bearish momentum if prices remain below this level.

Immediate resistance sits at $2,670.90, with higher resistance targets at $2,681.48 and $2,691.20. A break above these levels could signal a shift to a bullish bias. On the downside, immediate support is at $2,648.18, followed by $2,640.19 and $2,631.56.

The Relative Strength Index (RSI) is neutral at 55, indicating neither overbought nor oversold conditions. However, a move below the 50 mark could indicate growing bearish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $2,637.30, offering solid short-term support. If prices break below the $2,648 support level, a drop toward $2,640 or $2,631 is likely.

Given the current setup, traders are advised to adopt a cautious stance. The entry price for selling is recommended below $2,657 with a take-profit target of $2,640 and a stop-loss at $2,674.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2657

Take Profit – 2640

Stop Loss – 2674

Risk to Reward – 1: 1

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

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

Daily Price Outlook

Gold prices (XAU/USD) experienced a pullback after reaching a record high of around $2,640 on Tuesday, retreating toward the lower end of its daily range.

However, the rise in US Treasury bond yields has strengthened demand for the US Dollar, leading to profit-taking in gold amid slightly overbought conditions on the daily chart.

Despite this retreat, any significant decline in gold prices seems limited due to increasing expectations for more aggressive policy easing by the Federal Reserve (Fed).

Furthermore, ongoing geopolitical tensions, US political uncertainty, and a challenging global economic outlook are likely to sustain the safe-haven appeal of XAU/USD.

Traders are also closely monitoring Fed Governor Michelle Bowman's upcoming speech for further insights into future policy direction.

Anticipated Fed Rate Cuts and Economic Data Boost Gold Price Outlook

On the US front, there is growing belief that the Federal Reserve will lower interest rates by 125 basis points in 2024. This follows a recent 50 basis point cut that pushed gold prices to an all-time high.

According to the CME Group's FedWatch Tool, investors expect another significant cut at the November meeting. As a result, the US Dollar has struggled to recover from its lowest point this year.

Minneapolis Fed President Neel Kashkari stated that the focus has shifted from controlling high inflation to addressing potential job market weaknesses, which highlights the need for lower interest rates.

Meanwhile, Atlanta Fed President Raphael Bostic pointed out that recent data shows the US is moving toward stable prices, but there are rising concerns about the job market.

Chicago Fed President Austan Goolsbee added that job market declines can happen quickly, suggesting that keeping interest rates high may not be wise if stability is the goal.

On the economic front, a survey from S&P Global revealed that business activity in the Eurozone unexpectedly fell sharply, while US business activity remained steady in September.

Additionally, the flash US PMI report showed that prices for goods and services rose at the fastest rate in six months, indicating potential inflation risks.

Therefore, the anticipated rate cuts by the Federal Reserve are likely to support gold prices, as lower interest rates decrease the opportunity cost of holding non-yielding assets like gold. Additionally, rising inflationary pressures may further boost gold's safe-haven appeal.

Geopolitical Tensions and Economic Measures Impact Gold Prices

On the other hand, Israeli airstrikes on Monday targeting Hezbollah weapons sites in southern and eastern Lebanon resulted in nearly 500 fatalities, escalating the risk of a broader conflict in the Middle East.

This situation, combined with ongoing US political uncertainty and a gloomy global economic outlook, suggests that gold, as a safe-haven asset, is likely to experience upward pressure.

Investors typically flock to gold during times of geopolitical tension and economic instability, making it a popular choice for preserving wealth.

Moreover, the unexpected interest rate cut by the People's Bank of China (PBOC) and the passing of a temporary spending bill to fund the US government until December 20 have limited the rise in gold prices (XAU/USD).

These events show that even though there is strong demand for gold due to geopolitical tensions, supportive actions from major economies, such as China's rate cut and US fiscal measures, might prevent significant increases in gold prices in the short term.

GOLD (XAU/USD) - Technical Analysis

Gold (XAU/USD) is trading at $2,628.47, up 0.25%, showing a steady upward movement during the Asian session. The price remains in a short-term bullish trend, supported by a 50-day exponential moving average (EMA) at $2,601.19.

Immediate resistance is situated at $2,640.67, followed closely by the pivotal resistance level at $2,651.94. A break above these levels could propel the price to the next major resistance at $2,663.95.

On the downside, immediate support lies at $2,605.40, with further key supports at $2,593.64 and $2,581.15.

From a technical perspective, the RSI (Relative Strength Index) stands at 58, reflecting moderate bullish momentum without nearing overbought conditions. This indicates room for further gains before any potential pullback.

The key pivot point at $2,652.00 suggests that this level could be the critical threshold for bullish continuation.

Overall, a buy position above $2,623 could target the $2,652 resistance level, with a potential stop-loss at $2,607 to manage downside risk.

The price action suggests further bullish movement as long as gold remains supported by the 50 EMA and the broader sentiment around safe-haven assets remains intact amid global economic uncertainty.

Gold remains bullish above $2,623, with $2,652 as the next key target, supported by a strong technical setup and favorable market sentiment.

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Daily Price Outlook

- Immediate Resistance: $2,640.67, with next levels at $2,651.94 and $2,663.95.

- Key Support Levels: Immediate at $2,605.40, followed by $2,593.64 and $2,581.15.

- RSI: Moderate at 58, indicating room for more gains before hitting overbought territory.

Gold (XAU/USD) is trading at $2,628.47, up 0.25%, showing a steady upward movement during the Asian session. The price remains in a short-term bullish trend, supported by a 50-day exponential moving average (EMA) at $2,601.19.

Immediate resistance is situated at $2,640.67, followed closely by the pivotal resistance level at $2,651.94. A break above these levels could propel the price to the next major resistance at $2,663.95.

On the downside, immediate support lies at $2,605.40, with further key supports at $2,593.64 and $2,581.15.

From a technical perspective, the RSI (Relative Strength Index) stands at 58, reflecting moderate bullish momentum without nearing overbought conditions. This indicates room for further gains before any potential pullback.

The key pivot point at $2,652.00 suggests that this level could be the critical threshold for bullish continuation.

Overall, a buy position above $2,623 could target the $2,652 resistance level, with a potential stop-loss at $2,607 to manage downside risk.

The price action suggests further bullish movement as long as gold remains supported by the 50 EMA and the broader sentiment around safe-haven assets remains intact amid global economic uncertainty.

Gold remains bullish above $2,623, with $2,652 as the next key target, supported by a strong technical setup and favorable market sentiment.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2623

Take Profit – 2652

Stop Loss – 2607

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$2900/ -$1600

Profit & Loss Per Mini Lot = +$290/ -$160