GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Sell Entry: Below $2,510 for a target of $2,480.

- Immediate Resistance: At $2,524.11; a break could signal further gains.

- Support Levels: Watch $2,491.41 and $2,480.08 for potential breakdowns.

Gold (XAU/USD) is currently trading at $2,500.205, reflecting a slight decline of 0.22%. The metal has been trading just above its pivot point at $2,480.00, which is a critical level to watch.

The RSI is sitting at 66, indicating that gold is approaching overbought territory, which may signal a potential for a short-term pullback.

The 50-day Exponential Moving Average (EMA) at $2,445.98 is providing strong support and maintaining the overall bullish sentiment.

Immediate resistance is found at $2,524.11, followed by $2,540.75 and $2,556.71. On the downside, the first level of support is at $2,491.41, with stronger support at $2,480.08 and $2,461.80.

If gold breaks below $2,480, it could trigger further selling pressure.

Given the current setup, a sell entry below $2,510 with a target of $2,480 could be a strategic move.

A stop loss at $2,525 would help manage risk if the price reverses and breaks above resistance.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2510

Take Profit – 2480

Stop Loss – 2525

Risk to Reward – 1: 2

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

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