GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bullish Momentum: Gold remains bullish above the pivot point at $2,925.94 and the 50 EMA at $2,920.06.

- Critical Resistance Levels: Watch for a breakout above $2,955.49 to target $2,978.00 and $3,001.64.

- Support Levels: Key support at $2,904.96 and $2,878.08; a break below could signal a bearish shift.

Gold (XAU/USD) is trading at $2,943.72, maintaining a cautiously bullish stance above the pivot point at $2,925.94. This level serves as a critical support zone, reinforcing the upward trend.

If gold manages to break above the immediate resistance at $2,955.49, it could target the next resistance at $2,978.00, with a potential extension to $3,001.64. The bullish sentiment is supported by the price holding above the 50 EMA at $2,920.06, indicating continued buying interest.

Conversely, a break below the pivot point could expose immediate support at $2,904.96, followed by deeper support at $2,878.08 and $2,849.43. The overall technical outlook remains bullish as long as prices stay above $2,925.94 and the 50 EMA.

Traders should watch for a decisive breakout above $2,955.49 to confirm the bullish continuation, while a drop below $2,925.94 may signal a bearish pullback.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2926

Take Profit – 2970

Stop Loss – 2905

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3900/ -$2100

Profit & Loss Per Mini Lot = +$390/ -$210