GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bullish Momentum: Gold remains bullish above the pivot point at $2,916.73, targeting $2,955.49 and $2,978.00 as key resistance levels.

- Support Levels: If prices fall below $2,916.73, look for support at $2,892.98 and $2,865.06.

- Strategic Entry Point: Recommended to buy above $2,917, with a take profit at $2,955 and a stop loss at $2,896 to minimize risk.

Gold (XAU/USD) is trading at $2,928.20, up 0.06% for the session, reflecting a cautiously bullish sentiment. The price is holding above the crucial pivot point at $2,916.73, which serves as a key support level, reinforcing the bullish bias.

As long as gold stays above this pivot, the upward trendline remains intact, suggesting further gains are likely.

The first resistance to watch is at $2,955.49, followed by $2,978.00 and the psychological level of $3,001.64. Breaking above these levels could open the door to new highs, driven by continued bullish momentum.

Conversely, if gold falls below the pivot point at $2,916.73, it may face selling pressure, with the first support at $2,892.98. A further decline could target $2,865.06 and $2,833.80, marking significant retracement levels.

The 50-Day Exponential Moving Average (EMA) at $2,916.18 is acting as dynamic support, reinforcing the bullish sentiment.

From a technical perspective, maintaining positions above the pivot point favors buyers, while a break below this level could shift the sentiment to bearish.

The recommended entry point is to buy above $2,917, with a take profit at $2,955 and a stop loss at $2,896 to manage risk effectively.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2917

Take Profit – 2955

Stop Loss – 2896

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$3800/ -$2100

Profit & Loss Per Mini Lot = +$380/ -$210