GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate resistance at $2,646.32: A breakout could target $2,655.97 and beyond.

- Support at $2,624.72: Failure to hold above this level may lead to a bearish reversal.

- RSI at 48: Indicates consolidation, with potential for breakout or pullback depending on market catalysts.

Gold (XAU/USD) is trading at $2,644.20, up 0.43%, as the metal continues its rebound from recent lows. On the 4-hour chart, the price is firmly positioned above the pivot point at $2,636.43, reflecting a cautiously bullish sentiment.

Immediate resistance lies at $2,646.32, closely aligned with recent highs, while further resistance is seen at $2,655.97. A decisive breakout above these levels could pave the way for an extended rally toward $2,665.

On the downside, immediate support is at $2,624.72, with secondary levels at $2,590.15 and $2,576.56. A break below the pivot point could expose gold to bearish momentum, testing the $2,600 mark and possibly lower levels.

Technical indicators point to a neutral to slightly bullish bias. The RSI currently stands at 48, signaling consolidation with room for either a breakout or a pullback depending on upcoming catalysts. Traders are closely watching inflation data and Federal Reserve commentary for cues.

The overall technical picture suggests that gold’s ability to sustain above the pivot point at $2,636.43 is critical for maintaining upward momentum. However, strong resistance at $2,646.32 could limit gains unless fresh drivers emerge.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2635

Take Profit – 2655

Stop Loss – 2625

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Mini Lot = +$200/ -$100