GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bullish Momentum: Gold remains bullish above $2,934.03, targeting $2,966.23 and $2,983.93.

- Dynamic Support: 50-day EMA at $2,911.04 reinforces buying interest.

- Risk of Pullback: A break below $2,934.03 could trigger short-term selling pressure.

Gold (XAU/USD) is trading at $2,945.47, inching up by 0.02%, as the metal maintains its bullish stance. The price action remains above the key pivot point at $2,934.03, suggesting continued buying interest.

The 50-day Exponential Moving Average (EMA) at $2,911.04 is acting as dynamic support, reinforcing positive sentiment. The market’s attention is focused on the immediate resistance at $2,966.23, with a breakout above this level potentially driving gold towards $2,983.93 and $3,001.64.

Conversely, on the downside, $2,893.87 serves as initial support, with the next safety nets at $2,877.33 and $2,853.75. A break below $2,934.03 could shift momentum, triggering short-term selling pressure. However, the broader uptrend remains intact as long as prices stay above the 50-day EMA.

From a technical perspective, the bullish outlook is supported by the ongoing formation of higher highs and higher lows, in line with the ascending trendline. Traders are eyeing a decisive close above $2,966.23 to confirm continued bullish momentum. Conversely, failure to sustain above $2,934.03 may prompt a corrective pullback.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2934

Take Profit – 2966

Stop Loss – 2914

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$3200/ -$2000

Profit & Loss Per Mini Lot = +$320/ -$200