GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold is trading at $2394.590, up 0.48%.

- RSI is at 45, indicating a neutral market condition.

- Entry: Sell Limit at $2405, Take Profit at $2375, Stop Loss at $2425.

Gold (XAU/USD) is currently trading at $2394.590, reflecting a 0.48% increase. The 4-hour chart highlights a pivotal point at $2405.21. Immediate resistance levels are set at $2431.41, $2452.64, and $2477.89.

These levels could act as barriers if the price attempts to rise. On the downside, immediate support is found at $2374.89, followed by $2353.65 and $2353.02.

The Relative Strength Index (RSI) is currently at 45, suggesting that gold is in a neutral zone, neither overbought nor oversold.

The 50-day Exponential Moving Average (EMA) stands at $2413.24, indicating that if the price stays below this level, bearish momentum may continue.

A move above the pivot point of $2405.21 could trigger further buying interest, but failure to break this level could result in selling pressure.

In conclusion, the technical indicators and key price levels suggest a cautious approach. The recommended strategy is to enter a sell limit order at $2405, with a take profit at $2375 and a stop loss at $2425.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Limit 2405

Take Profit – 2375

Stop Loss – 2425

Risk to Reward – 1: 5

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

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