GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Buy Entry: Above $2,506 with a target of $2,526.

- Immediate Support: $2,494, with next supports at $2,479 and $2,463.

- RSI at 47: Suggests a neutral-to-bearish market, watch for potential shifts.

Gold (XAU/USD) is currently trading at $2,509.22, down 0.37% for the day, reflecting a bearish bias in the short term.

The key pivot point to watch is $2,515.43. If gold prices manage to hold above this level, we could see a potential rebound with immediate resistance at $2,531.64, followed by $2,545.87 and $2,559.32.

However, if the price fails to break above the pivot point, immediate support is seen at $2,494.37, with deeper levels at $2,479.52 and $2,463.26 offering additional safety nets for buyers.

The 50-day EMA, currently at $2,506.67, is acting as a short-term support level. If gold maintains its position above this moving average, it could provide a base for a bullish reversal.

The Relative Strength Index (RSI) is hovering at 47, suggesting that the market is neither overbought nor oversold, but leaning toward bearish territory.

This neutral-to-bearish momentum indicates that the market could swing either way depending on upcoming market catalysts.

The overall technical picture suggests caution. A clear break above $2,515.43 would trigger buying interest, with a potential move towards $2,526 as the first target.

Conversely, if gold dips below $2,494, it could open the door for further downside, possibly toward the $2,479 level.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2506

Take Profit – 2526

Stop Loss – 2493

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$2000/ -$1300

Profit & Loss Per Mini Lot = +$200/ -$130