GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold (XAU/USD) is trading at $2,355.605, down 0.98%, with immediate support at $2,336.89 and resistance at $2,373.50.

- RSI at 23 indicates oversold conditions, suggesting a potential rebound, but the 50-day EMA at $2,410.20 highlights a bearish trend.

- Entry price recommended above $2,350 with targets at $2,375 and a stop loss at $2,335 for potential gains.

Gold prices (XAU/USD) are trading at $2,355.605, down 0.98% on the day. The 4-hour chart reveals a pivot point at $2,352.80. Immediate resistance levels are observed at $2,373.50, $2,395.78, and $2,416.08. On the downside, immediate support levels are $2,336.89, $2,322.69, and $2,304.97.

The Relative Strength Index (RSI) is currently at 23, indicating that gold is in oversold territory. This suggests potential for a corrective rebound. However, the 50-day Exponential Moving Average (EMA) stands at $2,410.20, well above the current price, highlighting the prevailing bearish trend.

Technically, gold is under pressure as it hovers just above the pivot point. A buy entry is recommended above $2,350 with a target of $2,375 and a stop loss at $2,335. This setup aims to capitalize on a potential bounce from oversold conditions while limiting downside risk.

Despite the bearish short-term outlook, the oversold RSI could trigger a short-term correction. If gold prices manage to break above the immediate resistance at $2,373.50, further gains towards $2,395.78 and $2,416.08 could be seen. Conversely, a break below $2,352.80 may lead to further declines, testing support at $2,336.89 and $2,322.69.

GOLD (XAU/USD) - Technical Analysis

Entry Price – Buy Above 2350

Take Profit – 2375

Stop Loss – 2335

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$2500/ -$1500

Profit & Loss Per Mini Lot = +$250/ -$150