GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold (XAU/USD) is trading at $2405.36, with critical support at $2393.69 and resistance at $2435.02.

- RSI at 36 indicates potential buying interest as it nears oversold territory.

- Recommended trade setup: Sell below $2412, take profit at $2381, stop loss at $2435.

Gold (XAU/USD) is currently trading at $2405.36, up a modest 0.03%. On the 4-hour chart, the pivot point is positioned at $2412.14, indicating a critical juncture for traders. Immediate resistance is seen at $2435.02, with further resistance levels at $2453.93 and $2482.70.

On the downside, immediate support is identified at $2393.69, followed by stronger support at $2370.70 and $2350.44.

Technical indicators suggest a mixed outlook. The Relative Strength Index (RSI) is currently at 36, indicating that gold is approaching oversold territory but is not there yet.

This could imply potential buying interest if the RSI continues to drop. The 50-day Exponential Moving Average (EMA) stands at $2421.99, which is above the current price, suggesting a bearish trend in the short term.

Given the technical setup, a sell entry is recommended below the pivot point at $2412. The suggested take profit level is $2381, aligning with support levels that could act as potential targets for a downward move. A stop loss should be placed at $2435 to protect against upside risks, which coincides with the immediate resistance level.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2412

Take Profit – 2381

Stop Loss – 2435

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$3100/ -$2300

Profit & Loss Per Mini Lot = +$310/ -$230