GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate resistance at $2,662.21; next hurdles: $2,676.49 and $2,692.86.

- Support levels include $2,624.44, $2,603.20, and $2,583.91.

- RSI at 56 and 50 EMA at $2,632.77 support moderate bullish sentiment.

Gold prices are trading at $2,649.84, up 0.04%, as the precious metal holds within a tight consolidation range near its pivot point of $2,639.12.

On the 4-hour chart, immediate resistance is seen at $2,662.21, with further hurdles at $2,676.49 and $2,692.86, reflecting a strong bullish zone if prices sustain above the pivot level.

Immediate support lies at $2,624.44, with deeper levels at $2,603.20 and $2,583.91, marking critical zones for bearish shifts.

The technical setup aligns with a cautiously bullish bias. The 50 EMA at $2,632.77 is acting as a dynamic support level, reinforcing the upward trend.

The RSI at 56 indicates moderate bullish momentum without signs of overbought conditions, providing room for price advancement.

A clean break above $2,662.21 could trigger buying interest, pushing prices toward the next resistance at $2,676.49.

Conversely, a breach below $2,639 may lead to a retest of support at $2,624.44, signaling potential bearish pressure.

Traders are advised to consider long positions above $2,640, with a take-profit target at $2,662 and a stop-loss at $2,628.

Market sentiment hinges on upcoming U.S. economic data, which could influence gold’s safe-haven appeal.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2640

Take Profit – 2662

Stop Loss – 2628

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$2200/ -$1200

Profit & Loss Per Mini Lot = +$220/ -$120