GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Pivot Point $2325.63 is critical for bullish momentum.

- Immediate Resistance at $2335.29, a potential upward target.

- Immediate Support at $2317.83, crucial for stabilizing decline.

Gold (XAU/USD) is trading at $2326.64, reflecting a slight decline of 0.27%. The 4-hour chart reveals the pivot point at $2325.63, serving as a critical level for traders. Immediate resistance is identified at $2335.29, with further resistance levels at $2346.16 and $2355.37. These levels suggest potential upward movement if gold prices break above them.

On the downside, immediate support is seen at $2317.83, followed by $2307.61 and $2296.11. These support levels indicate where the price might find stability if it continues to decline.

The Relative Strength Index (RSI) at 42 indicates a neutral market sentiment, leaning slightly towards the oversold territory, which could potentially lead to a rebound if buying interest increases.

The 50-day Exponential Moving Average (EMA) stands at $2337.14, acting as a significant resistance level. A break above this EMA would indicate a shift towards bullish momentum, supporting a potential upward trend.

The overall outlook for gold remains cautiously bullish above the pivot point of $2325.63. Traders should consider buying above $2326, with a target of $2340 and a stop loss at $2315. However, maintaining a position below the pivot point could drive a sharp selling trend.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2326

Take Profit – 2340

Stop Loss – 2315

Risk to Reward – 1: 1.27

Profit & Loss Per Standard Lot = +$1400/ -$1100

Profit & Loss Per Mini Lot = +$140/ -$110