GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold (XAU/USD) trades at $2313.655, down 0.48%, approaching key support levels.

- Immediate resistance at $2339.29, with support at $2299.69 indicating potential bearish continuation.

- RSI at 46 and 50 EMA at $2314.78 suggest more downside potential.

Gold (XAU/USD) is trading at $2313.655, down 0.48% in today's session. The price action reveals a bearish sentiment as the metal continues to slide, approaching significant support levels. The key pivot point to monitor is at $2318.74, a crucial level that could dictate the next directional move for gold.

Immediate resistance is located at $2339.29, followed by $2354.43 and $2370.11. These levels represent potential hurdles for any bullish attempts to recover.

On the downside, immediate support is at $2299.69, with further supports at $2287.11 and $2271.29, which could act as critical levels where buying interest may emerge to counter the selling pressure.

The Relative Strength Index (RSI) stands at 46, indicating a slight bearish bias but not yet in oversold territory, suggesting there could be more room for downside movement.

The 50-day Exponential Moving Average (EMA) is at $2314.78, marginally above the current price, reinforcing the bearish outlook as gold trades below this key moving average.

In conclusion, the technical outlook for gold suggests a bearish trend below the $2319 level. An entry point for a sell position is advisable below $2319, with a target take profit level set at $2305. A stop loss should be placed at $2328 to manage potential upward reversals.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2319

Take Profit – 2305

Stop Loss – 2328

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1400/ -$900

Profit & Loss Per Mini Lot = +$140/ -$90