GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish above $2,772, targeting $2,808 with potential extensions to $2,830.
- Critical support at $2,744.98; a break below increases downside risk toward $2,730.45.
- 50-EMA at $2,765.63 serves as a key dynamic support, influencing near-term sentiment.
Gold (XAU/USD) is trading at $2,783.87, down 0.50% as bearish pressure weighs on the metal amid a stronger U.S. dollar and shifting market sentiment.
The price action remains confined within a consolidation range, with the pivot point at $2,773.05 acting as a critical juncture for short-term direction.
The 50-EMA at $2,765.63 provides dynamic support, slightly below the current price, reinforcing the importance of the $2,772 level.
A sustained move above $2,772 may trigger bullish momentum, targeting immediate resistance at $2,809.05. If buying pressure strengthens, the next upside barriers are $2,830.19 and $2,848.35.
Conversely, failure to hold above the pivot could expose gold to immediate support at $2,744.98. A deeper decline may find stability around $2,730.45, with $2,703.37 marking a crucial downside target if bearish momentum accelerates.
The technical setup suggests a cautious bullish bias above $2,772, with a recommended entry at this level, targeting $2,808 for profit-taking.
A stop loss at $2,754 helps manage downside risk. However, if gold breaches the 50-EMA convincingly, the bias could shift bearish, increasing the likelihood of testing lower supports.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 2772
Take Profit – 2808
Stop Loss – 2754
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$3600/ -$1800
Profit & Loss Per Mini Lot = +$360/ -$180
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