GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

On October 25, gold exhibited a minor upward movement, registering a modest increase of 0.01%, with its price settling at $1972.25. Analyzing its price trajectory on a 4-hour chart provides a clearer picture of its potential path forward. Gold's pivot point stands firmly at $1962, a level that traders are closely monitoring.

Gold faces formidable resistance levels, starting at $2016, progressing to $2051, and further stretching to a significant $2105. Conversely, should the asset face selling pressures, immediate support is found at $1927, followed by deeper support levels at $1873 and $1837.

Technically, the Relative Strength Index (RSI) for gold is at 56, suggesting a slightly bullish momentum, as it's above the neutral 50 mark but still under the typically overbought threshold of 70. The MACD, however, paints a different picture. With a value of -2.67 and a signal line at 6.64, the MACD line's position below the signal line indicates possible bearish momentum in the near term. Interestingly, gold's current price surpasses its 50-Day Exponential Moving Average (EMA) which stands at $1948, reinforcing the short-term bullish trend.

While the chart patterns need further clarity, the overall sentiment surrounding gold appears bullish, especially if it maintains its position above the pivotal $1962 mark.

Conclusion:

In the broader scheme, gold's trajectory appears bullish, provided it remains above the $1962 benchmark. Market participants are eagerly anticipating potential tests of the resistance levels, particularly eyeing the $2016 mark in the short term.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Limit 1965

Take Profit – 1996

Stop Loss – 1947

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$3100/ -$1800

Profit & Loss Per Micro Lot = +$310/ -$180