GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

    * Gold continues to face downward pressure, trading around $1980 level

    * Bearish engulfing pattern on the two-hour timeframe suggests a strong bearish bias

    * Resistance at $1985 level reinforced by the 50-day exponential moving average

The price of the precious metal gold continues to experience downward pressure and is currently trading around the $1980 level. On the two-hour timeframe, a bearish candlestick pattern known as an engulfing pattern has formed, indicating a strong bearish bias and suggesting that sellers are dominating the market below the $1985 resistance level.

This resistance level is further reinforced by the 50-day exponential moving average, visible on the two-hour timeframe. Additionally, both the RSI and MACD indicators are in the selling zone, signaling further selling potential in the gold market.

Therefore, gold is likely to encounter immediate resistance around the $1985 level, with potential support found at $1975 and $1965 if gold remains below the key $1975 level.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Below 1982

Stop Loss – 1986

Take Profit – 1974

Risk to Reward – 1 : 1.8

Profit & Loss Per Standard Lot = +$800/ -$400

Profit & Loss Per Micro Lot = +$80/ -$40