GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

On March 7, Gold (XAU/USD) exhibited a commendable uptrend, marking a 0.47% increase to reach $2,158.25. This surge underscores a renewed investor interest in the precious metal as a hedge against potential market volatilities. The trading session highlighted significant movement beyond the pivot point of $2,146.02, suggesting a bullish sentiment in the market.

Key resistance levels for Gold have been identified at $2,168.25, $2,182.32, and $2,196.38, which represent critical junctures that could either propel or limit further gains. Conversely, support levels established at $2,127.87, $2,114.71, and $2,098.83 offer a safety net against potential declines, underpinning the asset's resilience.

Technical indicators further bolster this optimistic outlook, with the 50-Day Exponential Moving Average (EMA) at $2,042.37 and the 200-Day EMA at $1,982.27, both well below the current price, indicating sustained upward momentum.

GOLD - Trade Ideas

Entry Price – Buy Above 2147

Take Profit – 2180

Stop Loss – 2120

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$3300/ -$2700

Profit & Loss Per Mini Lot = +$330/ -$270