GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold price at $2,343.770, down slightly by 0.01%, indicates a cautious market.

- Immediate resistance levels are $2,367.51, $2,380.52, and $2,392.98.

- Immediate support levels are $2,326.60, $2,307.23, and $2,291.85, critical for maintaining current levels.

Gold (XAU/USD) is trading at $2,343.770, reflecting a marginal decline of 0.01% on the 4-hour chart. The pivot point at $2,351.57 is crucial for determining market direction. Immediate resistance levels are $2,367.51, $2,380.52, and $2,392.98.

On the downside, immediate support is found at $2,326.60, followed by $2,307.23 and $2,291.85.

The Relative Strength Index (RSI) is at 39, indicating potential bearish momentum. The 50-day Exponential Moving Average (EMA) stands at $2,381.81, suggesting the current price is below a significant resistance level.

The outlook for gold remains bearish below the pivot point of $2,351.57. Traders are advised to consider selling below $2,350, with a take profit target of $2,330 and a stop loss at $2,365.

The combination of resistance levels and technical indicators suggests limited upside potential unless the price breaks above the immediate resistance levels.

The technical landscape suggests that gold is under pressure with limited upward momentum unless key resistance levels are breached.

The RSI at 39 supports a bearish outlook, while the position below the 50-day EMA at $2,381.81 adds to the bearish sentiment. Investors should monitor these key levels closely for potential shifts in market dynamics.

GOLD (XAU/USD) - Technical Analysis

Entry Price – Sell Below 2350

Take Profit – 2330

Stop Loss – 2365

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2000/ -$1500

Profit & Loss Per Mini Lot = +$200/ -$150