GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Levels: Immediate resistance at $2,638.91; higher barriers at $2,651.73 and $2,665.31.

- Support Zones: Key support at $2,593.70, with deeper levels at $2,577.23 and $2,561.89 offering stability.

- Momentum Indicators: RSI at 58 shows moderate bullishness; price holds above the 50 EMA at $2,620.66, signaling near-term strength.

Gold (XAU/USD) is trading at $2,624.26, marking a modest 0.71% gain, as cautious optimism prevails in the precious metals market.

On the 4-hour chart, the pivot point at $2,626.95 is pivotal for defining short-term momentum. Immediate resistance stands at $2,638.91, followed by $2,651.73 and $2,665.31.

On the downside, immediate support lies at $2,593.70, with deeper levels at $2,577.23 and $2,561.89, providing crucial stability if bearish sentiment intensifies.

Gold's technical indicators offer mixed signals. The RSI is at 58, indicating moderate bullish momentum, while the price holds above the 50 EMA at $2,620.66, suggesting near-term strength.

However, the market faces resistance near $2,638.91, making this a critical threshold for further upward movement.

A sustained break above this level could open the path toward higher resistance zones, while failure to breach may reinforce a consolidation or bearish retracement.

Traders should monitor the $2,626.95 pivot point closely, as a decisive move below this level could trigger bearish sentiment, with potential targets at $2,605 and $2,593.70.

Conversely, a break above $2,638.91 would likely attract buyers, setting the stage for further gains.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2626

Take Profit – 2605

Stop Loss – 2639

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$2100/ -$1300

Profit & Loss Per Mini Lot = +$210/ -$130