GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Levels: $2,719.88, $2,732.71, $2,745.77.

- Support Levels: $2,699.27, $2,685.98, $2,675.44.

- Technical Indicators: RSI at 50.48; 50 EMA at $2,674.10 provides strong support.

Gold (XAU/USD) is trading at $2,716.48, down slightly by 0.06% as it consolidates within a tight range on the 4-hour chart. Despite the recent dip, the price remains supported by the pivot point at $2,709.80, a crucial level for maintaining bullish momentum.

Immediate resistance is observed at $2,719.88, followed by $2,732.71 and $2,745.77. A breakout above these levels could signal a stronger upward trend, targeting higher levels in the near term.

On the downside, support is visible at $2,699.27, followed by deeper levels at $2,685.98 and $2,675.44. The 50-day Exponential Moving Average (EMA) at $2,674.10 offers robust technical support, reinforcing the broader uptrend.

The Relative Strength Index (RSI) stands at 50.48, reflecting neutral momentum with potential for upside. However, the RSI nearing oversold territory suggests that a bullish reversal may be imminent if support levels hold.

The current setup highlights an opportunity to enter long positions above $2,709, with a target of $2,732 and a stop loss at $2,700 to manage downside risks.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2709

Take Profit – 2732

Stop Loss – 2700

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$2300/ -$900

Profit & Loss Per Mini Lot = +$230/ -$90