GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Levels: Immediate resistance at $2,651.73; next at $2,665.31.

- Support Zones: Key supports at $2,610.53 and $2,593.70.

- Technical Indicators: RSI at 67 signals bullish momentum, but nearing overbought; 50 EMA at $2,621.94 supports short-term strength.

Gold (XAU/USD) is trading at $2,634.10, marking a 0.38% gain in the last session as bullish momentum persists. On the 4-hour chart, the pivot point at $2,639.79 serves as a critical level. Immediate resistance is positioned at $2,651.73, followed by $2,665.31.

On the downside, support levels are observed at $2,610.53, $2,593.70, and $2,577.23. A break above $2,639.79 could signal continued upside, while failure to sustain this level may invite selling pressure.

Technical indicators reflect a positive bias. The RSI at 67 approaches overbought territory, hinting at strong bullish sentiment but cautioning against possible consolidation.

Gold trades above its 50 EMA at $2,621.94, reinforcing short-term upward momentum. However, the 200 EMA at $2,639.79 aligns closely with the pivot point, underscoring its significance as a decisive threshold.

The immediate outlook suggests that a move above $2,651.73 could attract further buying, targeting $2,665.31. Conversely, a failure to hold above $2,639.79 may lead to a test of the $2,610.53 support level, potentially extending to $2,593.70. Traders are advised to monitor volume and RSI levels for clearer directional cues.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2626

Take Profit – 2650

Stop Loss – 2616

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2400/ -$1000

Profit & Loss Per Mini Lot = +$240/ -$100