Daily Price Outlook

- Gold remains bullish above $2,931, with resistance at $2,947 and $2,956 as the next upside targets.

- The 50-day EMA at $2,914 acts as strong support, reinforcing a short-term bullish bias.

- A drop below $2,921 could shift sentiment, leading to potential declines toward $2,909 and $2,897.

Gold (XAU/USD) is holding firm above $2,938.55, up 0.01%, as it consolidates within a tight range. The metal continues to benefit from expectations of Federal Reserve rate cuts and geopolitical uncertainties, supporting its bullish momentum.

The key pivot point at $2,931.19 serves as an important level—staying above this mark could fuel further gains, while a drop below may expose gold to increased selling pressure.

On the upside, immediate resistance sits at $2,947.09, followed by $2,956.47 and a stronger barrier at $2,965.37.

A breakout above these levels could trigger a move toward fresh highs, particularly if macroeconomic conditions continue to favor safe-haven assets.

Gold remains well-supported by its 50-day EMA at $2,914.06, reinforcing near-term bullish sentiment.

Conversely, should gold fail to hold above $2,931.19, immediate support is found at $2,921.65, followed by $2,909.24 and $2,897.64.

A break below these levels would indicate a shift in sentiment, increasing downside risk. The overall trend remains bullish as long as prices stay above $2,931, with traders eyeing key economic data for potential market-moving catalysts.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2931

Take Profit – 2947

Stop Loss – 2921

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1600/ -$1000

Profit & Loss Per Mini Lot = +$160/ -$100

GOLD

JOIN LHFX TODAY

24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.

OPEN A NEW ACCOUNT