GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold consolidates near $2,913, holding above the 50-day EMA, signaling a bullish bias.

- A breakout above $2,929 could trigger further upside toward $2,942 and $2,954.

- Buy above $2,913 with targets at $2,930 and a stop-loss at $2,905.

Gold prices are holding steady at $2,913.19, reflecting a marginal decline amid cautious market sentiment. The metal has struggled to break above key resistance, with technical indicators suggesting a near-term consolidation phase before a potential breakout.

The pivot point at $2,902.47 is acting as a crucial intraday level, offering a strong base of support. Immediate resistance is identified at $2,929.94, with further hurdles at $2,942.57 and $2,954.43.

If bullish momentum builds, gold could challenge these levels, signaling a continuation of its uptrend. Conversely, support is firm at $2,884.54, with further downside protection at $2,872.63 and $2,858.99. A break below these levels may trigger a deeper correction.

From a technical perspective, gold remains above its 50-day EMA at $2,913.19, reinforcing the bullish trend. However, price action near this level suggests a tug-of-war between buyers and sellers, with the market awaiting a catalyst for directional movement.

If gold sustains a move above $2,913, bullish momentum could push prices toward $2,930, while a failure to hold this level may lead to a test of lower supports.

In conclusion, gold’s near-term trajectory hinges on its ability to maintain support above $2,913. A buy position above $2,913 remains favorable, targeting $2,930, with a stop-loss at $2,905 to mitigate downside risk.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2913

Take Profit – 2930

Stop Loss – 2905

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1700/ -$800

Profit & Loss Per Mini Lot = +$170/ -$80