GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Channel Continuation: Price respects ascending channel; momentum favors further upside toward $3,418.
- Support Holds: $3,350 now key support; failure here could target $3,322.
- Momentum Strong: RSI at 73 signals continued bullish strength with caution for short-term exhaustion.
Gold is extending its bullish momentum within a rising price channel, having broken above the $3,375 level and now eyeing the upper range of resistance at $3,418.
Price action remains firmly supported by the ascending trend structure, and the 50-period SMA at $3,280 continues to trend higher, reinforcing the broader uptrend.
The immediate structure suggests continuation, especially as the recent pullback held firmly above $3,350 — now a key support zone. A close above $3,408 would likely accelerate buying interest toward the next key target at $3,418.
On the other hand, a drop below $3,350 could trigger a move toward $3,323 or even $3,285, where the rising channel and moving average converge.
Momentum indicators also point to strength. The RSI is back above 70 at 73.01, signaling strong bullish pressure. While this may be nearing overbought territory, the trend remains intact as long as $3,350 holds.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 3375
Take Profit – 3418
Stop Loss – 3350
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$4300/ -$2500
Profit & Loss Per Mini Lot = +$430/ -$250
JOIN LHFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.