GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold prices steady at $2,445.795; pivotal moment as resistance looms at $2,450.64.

- RSI at 71 suggests gold nearing overbought; potential pullback to $2,426.59 support.

- Short below $2,450 with a target of $2,425; stop loss at $2,468 recommended.

Gold (XAU/USD) is currently trading at $2,445.795, showing little change, but the metal remains poised for volatility given the current technical setup. On the 4-hour chart, gold hovers just below a critical pivot point at $2,450.64, a level that could signal a shift in momentum depending on the direction of the next breakout.

Immediate resistance lies at $2,467.87, followed by more formidable barriers at $2,483.50 and $2,503.94. These levels suggest potential zones where sellers might regain control. A sustained move above these resistances could attract momentum buyers, potentially propelling gold to new highs in the short term.

However, with the Relative Strength Index (RSI) at 71, gold is approaching overbought territory, indicating the possibility of a corrective pullback.

On the downside, immediate support is seen at $2,426.59, with additional supports at $2,404.15 and $2,380.90. These levels could serve as potential entry points for buyers should gold prices dip.

The 50-day Exponential Moving Average (EMA) at $2,399.53 suggests a bullish undertone, as the price remains above this moving average, indicating underlying buying interest.

Traders might consider entering a short position below the pivot point of $2,450, targeting a take profit at $2,425. Given the proximity to resistance and the overbought conditions, a stop loss at $2,468 would help manage risk.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2450

Take Profit – 2425

Stop Loss – 2468

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2500/ -$1800

Profit & Loss Per Mini Lot = +$250/ -$180