GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate Resistance at $2,670.90; breaking above signals bullish potential.

- Immediate Support at $2,648.18; a breach could target $2,631.56.

- RSI at 55 shows neutral momentum, with caution toward a bearish shift if it dips below 50.

Gold (XAU/USD) is currently trading at $2,652.43, down 0.18% as profit-taking and market uncertainty weigh on prices. The key pivot point lies at $2,657.23, indicating potential bearish momentum if prices remain below this level.

Immediate resistance sits at $2,670.90, with higher resistance targets at $2,681.48 and $2,691.20. A break above these levels could signal a shift to a bullish bias. On the downside, immediate support is at $2,648.18, followed by $2,640.19 and $2,631.56.

The Relative Strength Index (RSI) is neutral at 55, indicating neither overbought nor oversold conditions. However, a move below the 50 mark could indicate growing bearish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $2,637.30, offering solid short-term support. If prices break below the $2,648 support level, a drop toward $2,640 or $2,631 is likely.

Given the current setup, traders are advised to adopt a cautious stance. The entry price for selling is recommended below $2,657 with a take-profit target of $2,640 and a stop-loss at $2,674.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2657

Take Profit – 2640

Stop Loss – 2674

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1700/ -$1700

Profit & Loss Per Mini Lot = +$170/ -$170