GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trades at $2,393.37, below the key pivot point of $2,416.72.

- RSI at 43 suggests limited buying pressure, hinting at potential further declines.

- Entry recommendation: Sell below $2,405; target $2,375; stop-loss at $2,425.

Gold (XAU/USD) is currently trading at $2,393.37, marking a 0.10% increase. The market remains in a cautious stance, with prices hovering below the key pivot point of $2,416.72.

This level acts as a significant threshold for potential market direction. Immediate resistance is noted at $2,452.64, followed by subsequent resistance at $2,477.89 and $2,498.73, which represents key levels for any bullish momentum.

On the downside, immediate support is established at $2,374.89, with further support at $2,353.65 and $2,335.02.

The Relative Strength Index (RSI) currently stands at 43, indicating that gold is neither in overbought nor oversold territory, but it is closer to the lower end, suggesting limited buying pressure.

The 50-day Exponential Moving Average (EMA) is at $2,411.84, which places the current price below this technical level, reinforcing the bearish sentiment.

The technical indicators suggest a bearish outlook unless prices can break above the pivot point and sustain momentum.

A recommended entry point for a short position is below $2,405, with a target of $2,375 for potential profit, and a stop-loss set at $2,425 to manage risk.

Given the recent price action, traders should be vigilant for any geopolitical or macroeconomic developments that might impact gold prices, including shifts in Federal Reserve policy or changes in global market risk sentiment.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2405

Take Profit – 2375

Stop Loss – 2425

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$3000/ -$2000

Profit & Loss Per Mini Lot = +$300/ -$200