GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Levels: Immediate resistance at $2,726.36; further hurdles at $2,738.21 and $2,752.21 limit upside potential.

- Support Levels: Key support at $2,698.01; deeper levels at $2,676.58 and $2,659.46 provide structural stability.

- 50-Day EMA Support: The 50-day EMA at $2,676.70 reinforces short-term bullish momentum but may falter if selling pressure intensifies.

Gold prices are trading at $2,712.35, down 0.09%, as the metal remains subdued below the pivot point at $2,716.63.

The yellow metal is consolidating within a tight range, reflecting mixed sentiment driven by expectations of Federal Reserve rate cuts and lingering market uncertainty.

Immediate resistance is positioned at $2,726.36, with higher levels at $2,738.21 and $2,752.21 presenting significant hurdles. On the downside, support lies at $2,698.01, followed by deeper levels at $2,676.58 and $2,659.46.

The 50-day EMA at $2,676.70 acts as a critical short-term support level, aligning with bullish momentum observed in recent sessions. However, the failure to break above the pivot point indicates cautious bearish sentiment.

A sustained move above $2,716.63 is essential for a shift toward a bullish trajectory, targeting resistance at $2,738. Conversely, a break below $2,698.01 could intensify selling pressure, pushing prices toward $2,676.58.

Traders should monitor the $2,716.63 pivot closely as it serves as a key decision point for market direction. While gold’s broader structure remains slightly bullish, overbought conditions near resistance zones may prompt short-term corrections.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2716

Take Profit – 2696

Stop Loss – 2726

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Mini Lot = +$200/ -$100