GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Pivot Point: $2507.75 is a crucial level to watch.

- Support Levels: $2491.41, $2480.08, and $2461.98.

- Resistance Levels: $2526.46, $2540.75, and $2556.71.

Gold has been trending lower, currently trading around $2504.035, as bearish sentiment prevails in the market. The pivot point at $2507.75 is crucial for determining the next move.

If prices remain below this level, we could see further declines towards the immediate support at $2491.41, followed by $2480.08 and $2461.98.

On the upside, breaking above the immediate resistance at $2526.46 could open the door for a move towards $2540.75 and $2556.71.

The RSI at 53 suggests that the market is neither overbought nor oversold, but leaning slightly towards a bearish bias.

The 50-day EMA, currently at $2481.3620, is providing additional support, making this level key for further downside movement.

Conclusion: Consider selling below $2506 with a target of $2480, placing a stop loss at $2530.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2506

Take Profit – 2480

Stop Loss – 2530

Risk to Reward – 1: 1.1

Profit & Loss Per Standard Lot = +$2600/ -$2400

Profit & Loss Per Mini Lot = +$260/ -$240