GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Breakout: Gold eyes $2,687.65 as immediate resistance, with further targets at $2,704.34 and $2,724.66.

- EMA Support: The 50 EMA at $2,641.87 highlights short-term bullish strength.

- NFP Impact: Upcoming U.S. labor data could define gold’s direction, with support at $2,624.44 and $2,603.20 critical for downside moves.

Gold (XAU/USD) is trading at $2,673.04, reflecting modest gains as it holds above the pivot point at $2,663.62. The 4-hour chart indicates a cautiously bullish sentiment, with immediate resistance at $2,687.65.

A breakout above this level could propel prices toward the next targets of $2,704.34 and $2,724.66. On the downside, immediate support lies at $2,662.44, with deeper levels at $2,603.20 and $2,583.91.

The 50 EMA at $2,641.87 reinforces the short-term bullish momentum, as the price remains above this level. RSI readings hover near neutral, suggesting room for further upside if bullish momentum strengthens.

However, traders should monitor price action closely near the pivot, as a sustained break below $2,663.62 could shift sentiment bearish, driving a move toward key support at $2,624.44.

Market participants are focused on geopolitical risks and upcoming U.S. economic data, particularly the Nonfarm Payrolls (NFP) report.

These factors could significantly influence gold's near-term trajectory. A close above $2,687.65 would validate bullish momentum, targeting higher resistance levels. Conversely, failure to hold above the pivot risks a deeper pullback to the lower support zones.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2663

Take Profit – 2688

Stop Loss – 2644

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2500/ -$1900

Profit & Loss Per Mini Lot = +$250/ -$190