GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bearish Outlook: Gold remains under pressure below the $2,504.66 pivot, with RSI at 40 indicating further downside potential.

- Resistance Levels: Immediate resistance is seen at $2,514.84, with additional targets at $2,529.23 and $2,540.41.

- Support Levels: Key support is found at $2,491.71, followed by $2,480.08 and $2,471.29.

Gold (XAU/USD) is currently trading at $2,497.50, reflecting a decline of 0.30% as it remains under pressure amidst a strengthening US Dollar.

The 4-hour chart reveals that Gold is trading just below a key pivot point at $2,504.66, which serves as a critical level for determining the near-term direction.

A break above this pivot could see the precious metal testing immediate resistance at $2,514.84, with subsequent targets at $2,529.23 and $2,540.41.

However, the technical indicators suggest a bearish bias. The Relative Strength Index (RSI) stands at 40, indicating that momentum is leaning towards the downside but is not yet in oversold territory.

Additionally, Gold is trading below its 50-day Exponential Moving Average (EMA) at $2,512.02, reinforcing the bearish outlook. Immediate support is located at $2,491.71, with further levels at $2,480.08 and $2,471.29.

Given the current technical setup, traders may consider short positions below the pivot point at $2,504.66, targeting the $2,487.00 level.

Conversely, a break above $2,505 could invalidate this bearish view, paving the way for a potential rally towards higher resistance levels.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2505

Take Profit – 2487

Stop Loss – 2515

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1800/ -$1000

Profit & Loss Per Mini Lot = +$180/ -$100