GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate resistance at $2420.88, next at $2436.35, and $2454.06.

- Immediate support at $2384.48, next at $2369.02, and $2350.56.

- RSI at 33, indicating potential oversold conditions.

Gold (XAU/USD) is trading at $2388.83, down 0.02%. The 4-hour chart analysis reveals crucial levels that could guide market participants. The pivot point stands at $2404.13, acting as a critical level for market direction.

Immediate resistance is seen at $2420.88, followed by $2436.35, and then $2454.06. These levels indicate potential barriers to upward movements. On the downside, immediate support is identified at $2384.48, with further support at $2369.02 and $2350.56. These levels are essential for traders to watch for potential rebounds or further declines.

The Relative Strength Index (RSI) is currently at 33, suggesting that gold might be in oversold territory, which could indicate a potential for a rebound. However, the 50-day Exponential Moving Average (EMA) is at $2415.98, reinforcing the bearish outlook below this level.

Given the technical setup, the recommended trading strategy is to sell below $2400, with a take profit target at $2373 and a stop loss at $2420. This strategy aligns with the current bearish trend, considering the resistance levels and the RSI indicator.

In summary, gold's technical outlook remains bearish below the $2404.13 pivot point. A break above this level could shift the sentiment to a more bullish stance, while maintaining below this level supports the bearish trend.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2400

Take Profit – 2373

Stop Loss – 2420

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2700/ -$2000

Profit & Loss Per Mini Lot = +$270/ -$200