GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trades above $2,620.48, signaling bullish momentum.

- RSI at 58 suggests moderate upward pressure with room for growth.

- 50-day EMA at $2,614.11 provides a key support zone.

Gold (XAU/USD) is trading at $2,626.63, up 0.37% in the last session, reflecting bullish momentum. The price has surpassed the pivot point at $2,620.48, signaling potential strength as it approaches the immediate resistance at $2,633.23.

A successful breakout above this level could propel the price toward the next resistance zones at $2,650.09 and $2,664.89. However, if the price fails to hold above $2,620.48, immediate support is observed at $2,608.45, followed by $2,588.62 and $2,573.39.

Technical indicators support a bullish outlook. The RSI is at 58, indicating moderate upward momentum without reaching overbought levels.

Meanwhile, the 50-day Exponential Moving Average (EMA) at $2,614.11 acts as a strong support level, aligning with the current price action. This setup suggests continued bullish bias if gold maintains levels above $2,620.

Traders should monitor the price behavior near $2,633.23. A break above could trigger additional buying interest, targeting $2,650.09, while failure to sustain above $2,620 might lead to a consolidation phase or slight pullback.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2620

Take Profit – 2638

Stop Loss – 2608

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1800/ -$1200

Profit & Loss Per Mini Lot = +$180/ -$120