GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold holds above $2,905.47, maintaining a bullish bias ahead of key U.S. jobs data.

- Breakout above $2,929.94 could push gold toward $2,954.43, reinforcing upside potential.

- Failure to sustain above $2,905.47 may expose gold to downside risk, with key support at $2,884.75 and $2,872.63.

Gold (XAU/USD) is trading at $2,912.07, maintaining a narrow range as investors assess key economic data. The metal remains above its pivot point at $2,905.47, signaling a potential bullish bias.

However, upside momentum faces resistance at $2,929.94, with additional hurdles at $2,942.57 and $2,954.43. A breakout above these levels could open the door for further gains, particularly if economic uncertainty persists.

On the downside, immediate support sits at $2,884.75, with deeper levels at $2,872.63 and $2,858.99. A breach below $2,905.47 could accelerate selling pressure, shifting sentiment toward a more bearish outlook.

The 50-day EMA at $2,904.74 is providing dynamic support, reinforcing the case for buyers in the market. Gold’s ability to hold above this level is crucial for maintaining its upward momentum.

A strong Nonfarm Payrolls (NFP) report on Friday could pressure gold lower, strengthening the U.S. dollar and diminishing gold’s appeal. Conversely, a weaker-than-expected jobs report would likely boost expectations of Federal Reserve rate cuts, supporting gold prices.

Traders should watch for a sustained move above $2,929.94 to confirm further upside potential, while failure to hold above $2,905.47 may lead to a test of lower support levels.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2905

Take Profit – 2925

Stop Loss – 2895

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Mini Lot = +$200/ -$100