GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Ascending Channel Holds: Gold stays bullish while trading within its upward-sloping trend channel.
- Resistance Ahead: $3,494 is capping short-term upside; breakout would target $3,510.
- Overbought RSI: At 81.23, signals potential for short-term consolidation before continuation.
Gold continues to trend higher within a defined ascending channel, recently breaking above the $3,468 resistance and reaching an intraday high near $3,487. The bullish structure remains intact, with price consolidating just below the $3,494 resistance. As long as the $3,468 support level holds, the outlook favors further upside toward the $3,510 target.
The 50-period SMA, currently at $3,332, continues to slope upward, reinforcing bullish momentum. However, the RSI is at 81.23 — firmly in overbought territory — suggesting that some consolidation or a mild pullback could occur before a sustained breakout.
If price maintains above $3,468, bulls could drive the move toward $3,510 and potentially retest the upper channel boundary at $3,519. On the downside, a break below $3,468 would risk a slide to $3,457 and $3,440, where the lower bound of the trade setup sits.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 3468
Take Profit – 3510
Stop Loss – 3440
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$4200/ -$2800
Profit & Loss Per Mini Lot = +$420/ -$280
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