GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold struggles below $2,993.84 as resistance at $3,005.25 caps upside potential.

- Immediate support at $2,979.51, with downside risk extending to $2,963.65.

- FOMC rate cut expectations remain the key driver for gold’s long-term outlook.

Gold (XAU/USD) is trading at $2,985.31, slipping 0.01% as it hovers below the key pivot level of $2,993.84. The metal remains in a tight range as traders weigh Federal Reserve rate cut expectations against a strengthening U.S. dollar.

Gold’s inability to sustain momentum above $2,993 highlights investor caution, with resistance levels at $3,005.25 and $3,015.30 posing near-term hurdles.

On the downside, immediate support is seen at $2,979.51, with further selling pressure potentially driving gold toward $2,963.65 and $2,956.39.

The 50-day Exponential Moving Average (EMA) at $2,928.44 continues to provide dynamic support, reinforcing the longer-term uptrend. However, failure to hold above this level could expose gold to further declines.

Despite short-term weakness, gold’s broader trend remains bullish, driven by growing expectations of Federal Reserve policy easing.

Softer U.S. inflation data has fueled speculation of three rate cuts in 2024, with traders eyeing the upcoming FOMC meeting for further guidance. A dovish stance from policymakers could propel gold beyond the $3,000 psychological mark.

For now, a daily close above $2,993.84 is required to confirm bullish momentum, while a break below $2,979.51 may signal deeper consolidation.

Traders should watch for a decisive move in either direction to determine the next leg of gold’s price action.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2989

Take Profit – 2970

Stop Loss – 3002

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1900/ -$1300

Profit & Loss Per Mini Lot = +$190/ -$130