GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bullish Momentum: A breakout above $2,676 signals potential gains toward $2,700 and beyond.

- Support Zones: Key support levels at $2,664.75 and $2,645 provide a safety net for corrections.

- Risk-Reward Profile: Favorable setup with a 1:1.8 risk-to-reward ratio, targeting $2,400 per standard lot profit.

Gold (XAU/USD) is trading at $2,684.31, up 0.18%, reflecting continued bullish momentum within a well-defined ascending channel on the 4-hour chart. The price has breached the critical pivot point at $2,676.98, now acting as strong support.

Immediate resistance is seen at $2,696.72, followed by $2,710.98. A sustained breakout above these levels could push gold prices toward the channel's upper boundary at $2,724.66.

On the downside, immediate support is positioned at $2,664.75, with further declines potentially testing $2,645.00 and $2,627.99. The 50-day EMA, currently at $2,661.06, reinforces short-term support, while the broader bullish outlook is underscored by the 200-day EMA at $2,663.98.

Technically, the breakout above $2,676 confirms buyer strength, with a bullish engulfing candle further validating this sentiment. The upward channel suggests room for continuation if resistance levels are decisively breached.

Traders should monitor price action near $2,696, as failure to hold above $2,676 could signal corrective moves toward lower support zones.

The calculated entry point above $2,676 aligns with a favorable risk-to-reward ratio of 1:1.8. This setup targets a profit of $2,400 per standard lot, while limiting downside exposure to $1,300. Such conditions make gold an attractive asset for short-term bullish strategies.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2676

Take Profit – 2700

Stop Loss – 2663

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$2400/ -$1300

Profit & Loss Per Mini Lot = +$240/ -$130