GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold (XAU/USD) trading at $2,338.895, up 0.34%.

- Critical levels: Pivot at $2,360.00, RSI at 35, 50 EMA at $2,385.05.

- Buy above $2,327; take profit at $2,360; stop loss at $2,313.

Gold (XAU/USD) is trading at $2,338.895, marking a 0.34% increase in value. This uptick comes amidst a backdrop of mixed market signals, with investors cautiously optimistic about the metal’s short-term prospects.

The pivot point at $2,360.00 is a critical level for market direction. Immediate resistance levels are found at $2,352.61, $2,368.37, and $2,392.98. On the downside, immediate support is at $2,307.23, followed by $2,291.85 and $2,277.62.

The Relative Strength Index (RSI) stands at 35, indicating that the metal is approaching oversold conditions, which could suggest potential upward momentum if buying interest increases.

The 50-day Exponential Moving Average (EMA) is at $2,385.05, positioning the current price below this key indicator and suggesting a bearish trend in the medium term.

Given the current technical setup, the strategy would be to buy above $2,327, with a take profit target at the pivot point of $2,360 and a stop loss at $2,313. This approach capitalizes on the potential for a rebound from current support levels while managing downside risk effectively.

GOLD (XAU/USD) - Technical Analysis

Entry Price – Buy Above 2327

Take Profit – 2360

Stop Loss – 2313

Risk to Reward – 1: 2.3

Profit & Loss Per Standard Lot = +$3300/ -$1400

Profit & Loss Per Mini Lot = +$330/ -$140