GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold faces resistance at $2897.72; breaking above could extend gains toward $2915.92.

- Support at $2859.42 and $2840.59 may provide buying opportunities if price weakens.

- Sell setup below $2873, targeting $2847, with stop loss at $2890 for risk management.

Gold (XAU/USD) is trading at $2868.17, showing slight upward movement (+0.03%) as traders assess key technical levels. Despite its minor gains, the metal remains below the pivot point at $2880.17, suggesting a cautious sentiment among investors.

Immediate resistance is located at $2897.72, followed by a stronger level at $2915.92. A break above these zones could signal renewed bullish momentum, pushing gold toward fresh highs. However, failure to sustain above the pivot point at $2880.17 may invite selling pressure.

On the downside, immediate support is noted at $2859.42, with stronger support levels at $2840.59 and $2815.69. These levels coincide with recent consolidation zones and could provide a buying opportunity if prices dip.

From a technical standpoint, gold is hovering near its 50-day EMA at $2826.99, reinforcing a potential floor for the metal. If XAU/USD remains above this level, a bounce toward resistance becomes more likely. However, a sustained break below the $2840.59 support could accelerate declines, putting the focus on the $2815.69 mark.

Given the technical structure, a sell setup is favored below $2873, with a take profit target at $2847 and a stop loss at $2890 to manage risk. Short-term traders should closely watch price action around the pivot zone, as a failure to reclaim $2880.17 could reinforce a bearish outlook.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2873

Take Profit – 2847

Stop Loss – 2890

Risk to Reward – 1:1.5

Profit & Loss Per Standard Lot = +$2600/ -$1700

Profit & Loss Per Mini Lot = +$260/ -$170