GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold is forming a rising trendline, reinforcing bullish sentiment.

- RSI indicates potential overbought conditions, suggesting caution.

- A break above $3,430 could signal a fresh bullish leg toward $3,450.

Gold is trading near $3,393, consolidating just above the 23.6% Fibonacci retracement at $3,381, a key level after its recent bullish surge.

The 50-day Simple Moving Average (SMA) at $3,302 is providing a robust support base, aligning with the 61.8% Fibonacci level at $3,301, reinforcing the bullish structure.

The recent uptrend is marked by a series of higher lows, supported by a rising trendline from late April, indicating continued buying interest.

Candlestick analysis reveals a potential Doji near the $3,393 resistance, reflecting market indecision at this critical level.

A break above this zone could pave the way for a rally toward the next resistance at $3,430, followed by the psychological $3,450 mark, aligning with the recent swing high.

However, a failure to clear this resistance could trigger a pullback toward the 38.2% Fibonacci level at $3,350, with deeper support at $3,326 and $3,302, the latter aligning with the 50-SMA.

Momentum indicators are mixed. The Relative Strength Index (RSI) is hovering near 71, suggesting overbought conditions, which may prompt short-term profit-taking.

However, the overall trend remains bullish as long as prices hold above the key support at $3,348, a critical pivot point.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 3380

Take Profit – 3450

Stop Loss – 3348

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$7000/ -$3200

Profit & Loss Per Mini Lot = +$700/ -$320