GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bullish Channel Holds: Gold maintains upward momentum, pivoting above $2,676 with targets at $2,704 and $2,719.

- RSI Near Overbought: RSI at 66 hints at possible consolidation, but bullish sentiment persists.

- Entry Strategy: Buy above $2,680, with a target of $2,703 and stop-loss at $2,669 for optimized risk management.

Gold (XAU/USD) trades at $2,695.49, up 0.05%, holding its position within a steady upward trend on the 4-hour chart. The immediate pivot point at $2,676.07 underscores a critical threshold for maintaining bullish momentum.

Resistance levels are marked at $2,704.36 and $2,719.93, with a break above these thresholds paving the way for continued gains. On the downside, immediate support lies at $2,656.82, followed by deeper support zones at $2,643.45 and $2,627.40, which could be tested if selling pressure intensifies.

The RSI at 66 indicates mildly overbought conditions, suggesting the potential for short-term consolidation before a renewed move higher. The 50 EMA at $2,656.89 reinforces the bullish outlook, acting as a strong support level.

From a strategic perspective, traders may consider entering long positions above $2,680, with a target of $2,703 and a stop-loss at $2,669. This setup balances risk and reward, capitalizing on sustained buying momentum within the channel.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2680

Take Profit – 2703

Stop Loss – 2669

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2300/ -$1100

Profit & Loss Per Mini Lot = +$230/ -$110