Daily Price Outlook

- Gold maintains bullish momentum above $2,763.20; resistance at $2,785.22 is crucial for further gains.

- Immediate support lies at $2,748.23, with the 50 EMA at $2,738.54 acting as a key level to watch.

- A break above $2,785.22 could open the door for further upside toward $2,807.41.

Gold prices are trading at $2,774.26, reflecting a 0.70% increase, as the precious metal gains momentum above key technical levels.

The price remains above the pivot point at $2,763.20, signaling bullish strength, with immediate resistance at $2,785.22. A break above this level could pave the way for further upside toward $2,796.49 and potentially $2,807.41.

On the downside, immediate support is positioned at $2,748.23, followed by deeper levels at $2,736.39 and $2,722.33.

The 50-day Exponential Moving Average (EMA) at $2,738.54 acts as a crucial support zone, reinforcing the broader bullish outlook. Holding above this level suggests sustained buying interest, keeping the uptrend intact.

The recent price action indicates strong bullish sentiment, with buyers showing resilience at key support levels. A decisive break above the resistance at $2,785.22 could attract further buying, targeting higher resistance zones.

However, failure to sustain above the pivot level of $2,763.20 may trigger a corrective move, testing immediate support.

From a technical perspective, the market structure remains favorable for bulls as long as the price holds above the pivot.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2763

Take Profit – 2785

Stop Loss – 2748

Risk to Reward 1: 1.4

Profit & Loss Per Standard Lot = +$2200/ -$1500

Profit & Loss Per Mini Lot = +$220/ -$150

GOLD

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