GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trading at $2,417.88, down 0.77%, with a bearish outlook.

- RSI at 37, indicating approaching oversold conditions.

- Immediate support at $2,406.52; key resistance at $2,451.84.

Gold (XAU/USD) is trading at $2,417.88, reflecting a decline of 0.77%. The 4-hour chart highlights critical levels for traders.

The pivot point is set at $2,432.60, serving as a crucial indicator of potential price movements. Immediate resistance is noted at $2,451.84, followed by $2,482.70 and $2,510.78. On the downside, immediate support is identified at $2,406.52, with further supports at $2,381.37 and $2,350.44.

Technical indicators point towards a bearish sentiment. The Relative Strength Index (RSI) stands at 37, suggesting the metal is approaching oversold conditions. The 50-day Exponential Moving Average (EMA) is positioned at $2,416.98, closely aligning with current prices, indicating a potential support level.

Given the technical setup, traders might consider selling below the pivot point of $2,432. The suggested trade setup includes an entry price below $2,432, a take profit target at $2,394, and a stop loss at $2,453.

This strategy is designed to capitalize on potential downward momentum while mitigating risk through a clearly defined stop loss.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2432

Take Profit – 2394

Stop Loss – 2453

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$3800/ -$2100

Profit & Loss Per Mini Lot = +$380/ -$210