GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trading at $2369.020, up 0.30%, with the pivot point at $2379.70.

- RSI at 33, indicating gold is nearing oversold territory, potentially signaling a rebound.

- The 50-day EMA at $2418.25 suggests a bearish trend, reinforcing resistance above current prices.

Gold (XAU/USD) is currently trading at $2369.020, up by 0.30%. The 4-hour chart reveals key technical levels and indicators suggesting the metal's future trajectory. The pivot point is positioned at $2379.70, acting as a critical marker for potential market movements.

On the upside, immediate resistance is noted at $2401.34, with further resistance levels at $2421.78 and $2451.44. These levels will be crucial for any bullish momentum. Conversely, immediate support is seen at $2357.25, followed by $2339.62 and $2319.18, which are pivotal for any downside movements.

The Relative Strength Index (RSI) stands at 33, indicating that gold is nearing oversold territory. This could imply a potential rebound or a consolidation phase before any significant move.

The 50-day Exponential Moving Average (EMA) is positioned at $2418.25, suggesting that the current price is below this average, reinforcing the bearish sentiment. This indicator often serves as a benchmark for medium-term trends and could act as resistance if the price attempts to rise.

In conclusion, the technical outlook for gold remains bearish below the $2379.70 pivot point. Traders are advised to consider entry points for selling below $2380, with a take profit target of $2350 and a stop loss at $2395.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2380

Take Profit – 2350

Stop Loss – 2395

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3000/ -$1500

Profit & Loss Per Mini Lot = +$300/ -$150