GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

On a 4-hour chart timeframe, Gold currently navigates crucial price levels with a pivot point set at $1,874. Looking at the immediate resistances, the first is situated at $1902, followed by higher resistances at $1955 and $2035. Conversely, for support levels, an immediate support is observed at $1820 with subsequent supports placed at $1793 and the more distant one at $1712.

The technical indicators shed further light on the asset's current stance. The Relative Strength Index (RSI) presents a value of 18. Such a low RSI suggests the asset is in an oversold condition, typically interpreted as a bearish sentiment. However, caution must be exercised as oversold conditions can occasionally precede a price rebound.

Another significant technical pointer is the 50-Day Exponential Moving Average (EMA). With a current value standing at $1889 and the price of Gold trading below this, it hints at a short-term bearish trend for the asset.

Turning to chart patterns, Gold's chart reveals the formation of Lower Lows. Additionally, the presence of the Three Black Crows candlestick pattern emphasizes a strong selling bias. Historically, these patterns are strong bearish indicators, suggesting that there might be further declines in the near term.

No fundamental news has been provided as part of this outlook. In conclusion, Gold's trend appears bearish, especially if it sustains below the $1858 mark. However, if it manages to breach this level, the outlook might tilt towards the bullish side. For the short term, given the prevailing bearish indications, it wouldn't be surprising to see Gold test the immediate support level at $1820 in the coming days. 

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1855

Take Profit – 1827

Stop Loss – 1883

Risk to Reward – 1: 7

Profit & Loss Per Standard Lot = +$2800/ -$2800

Profit & Loss Per Micro Lot = +$280/ -$280