GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold nearing overbought territory with RSI at 66.

- Pivot point at $2523.98 is key for determining short-term direction.

- Support at $2491.41 could signal a deeper correction if breached.

Gold (XAU/USD) is currently trading at $2512.66, showing a minor decline of 0.09%. The key level to watch is the pivot point at $2523.98.

This level will likely determine the short-term direction of the market. Immediate resistance is found at $2524.11, with further resistance levels at $2540.75 and $2556.71.

On the downside, support is seen at $2491.41, with additional support at $2480.08 and $2461.80.

The Relative Strength Index (RSI) is currently at 66, indicating that gold is nearing overbought territory, which could signal a potential correction.

The 50-day Exponential Moving Average (EMA) is positioned at $2459.26, providing strong support for the current uptrend.

Given the technical setup, if gold breaks above the pivot point of $2523.98, it could lead to further bullish momentum. However, if the price falls below $2491.41, we could see a deeper correction.

Conclusion: Consider buying above $2508, targeting $2523, with a stop loss at $2490. A break below $2491.41 could trigger further downside.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2508

Take Profit – 2523

Stop Loss – 2490

Risk to Reward – 1: 1

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

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