Gold (XAU) Daily Forecast: Gold Eyes $2,678 Resistance in Upward Channel

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Gold – Chart

Gold prices (XAU/USD) are trading at $2,662.82, up 0.96%, as the metal maintains its bullish momentum within an upward channel. Holding above the pivot point at $2,650.80 underlines buyers’ control, with immediate resistance at $2,678.32 and further targets at $2,698.38 and $2,720.74.

The 50-day EMA of $2,644.55 provides short-term support, while the 200-day EMA of $2,649.97 reinforces the bullish trend.

On the downside, critical support is at $2,629.30, followed by $2,607.51 and $2,589.60. The RSI remains high, indicating there is room for further upside unless the overbought level is reached.

Sustained movement above $2,650 keeps the focus on resistance levels, but a break below could lead to sharp selling pressure.

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