GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold remains bullish above the pivot point of $2,716.91, targeting $2,736.52 resistance.
- The 50-day EMA at $2,688.88 serves as crucial support, sustaining the upward bias.
- A break below immediate support at $2,693.39 could signal short-term bearish pressure.
Gold prices are trading at $2,726.97, up 0.70%, as the metal continues its bullish momentum, supported by a weaker U.S. dollar and rising geopolitical uncertainties.
The price is currently holding above the pivot point at $2,716.91, which serves as a key support level for the ongoing uptrend.
If the bullish sentiment persists, immediate resistance is seen at $2,736.52, followed by higher resistance levels at $2,752.21 and $2,768.80, where sellers may emerge.
On the downside, immediate support lies at $2,693.39, with further cushion levels at $2,676.58 and $2,659.46, potentially limiting any short-term retracement.
The 50-day EMA at $2,688.88 offers additional support, reinforcing the upward trajectory. A sustained move above the pivot point could fuel further gains, while a failure to hold above it might shift sentiment towards bearish correction.
Technically, gold remains in an uptrend, with price action respecting key support levels and maintaining distance from the 50-day EMA.
The current price structure indicates bullish dominance, with momentum targeting the $2,736.52 level as the next key threshold. A breakout above this resistance may open the door to further gains toward the upper resistance zones.
In conclusion, buying opportunities exist above $2,716, with a target of $2,736, while risk management strategies suggest a stop loss at $2,700 to protect against downside moves.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 2716
Take Profit – 2736
Stop Loss – 2700
Risk to Reward – 1: 1.25
Profit & Loss Per Standard Lot = +$2000/ -$1600
Profit & Loss Per Mini Lot = +$200/ -$160
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