Daily Price Outlook

- Bullish bias holds above $2,912.88, with key resistance at $2,939.98 and a breakout potential toward $2,962.85.

- 50-EMA at $2,902.25 suggests underlying strength, but a drop below $2,893.87 may shift momentum bearish.

- Trading setup: Buy above $2,913, target $2,939, stop loss at $2,893 for risk management.

Gold is trading at $2,933.25, edging up +0.01% as investors assess the next directional move. The metal remains within a well-defined range, with $2,912.88 acting as a pivotal level.

Staying above this level keeps the bullish case intact, with buyers eyeing $2,939.98 as the next hurdle. A breakout above this resistance could pave the way for a move toward $2,962.85, with an extended push targeting $2,985.02.

On the downside, immediate support at $2,893.87 is crucial—if this level gives way, expect increased selling pressure toward $2,877.33, followed by $2,853.75 as a deeper floor.

The 50-EMA at $2,902.25 is catching up to price action, signaling that bulls are maintaining control. However, failure to sustain above the pivot at $2,912.88 could shift momentum in favor of the bears.

From a trade setup perspective, buyers may find an opportunity above $2,913, with a target of $2,939 while keeping a stop loss at $2,893 to manage downside risk.

Gold’s resilience hinges on how it interacts with resistance zones, as a sustained break above could invite fresh buying interest. Conversely, slipping below $2,893.87 may accelerate bearish momentum, pressuring prices lower.

GOLD Price Chart - Source: Tradingview
GOLD Price Chart - Source: Tradingview

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2913

Take Profit – 2939

Stop Loss – 2893

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2600/ -$2000

Profit & Loss Per Mini Lot = +$260/ -$200

GOLD

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