GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bearish Bias: Gold remains under pressure below $2,658, with immediate support at $2,645.

- Key Resistance: $2,666 and $2,685 are critical levels to watch for a bullish breakout.

- Short Entry: Consider selling below $2,658 with a target of $2,640 and stop-loss at $2,665.

Gold (XAU/USD) is trading at $2,650.58, reflecting a slight decline of 0.08% as bearish sentiment persists. The metal is struggling to break above its pivot point at $2,658.20, indicating a lack of upward momentum.

Gold faces immediate resistance at $2,666.42, followed by a stronger barrier at $2,685.82. Any move above these levels could signal a potential bullish reversal; however, with the 50-day Exponential Moving Average (EMA) positioned at $2,663.47, this area remains a significant resistance zone for gold in the short term.

On the downside, immediate support is at $2,645.13, with further levels to watch at $2,634.74 and $2,624.02. A break below $2,645.13 could open the door to a deeper retracement, possibly testing the 200-day EMA around $2,628.98.

The Relative Strength Index (RSI) is currently at 41, suggesting a bearish bias but not yet oversold, leaving room for further declines.

From a technical perspective, sellers seem to have the upper hand as long as prices remain below the $2,658 pivot level. Traders might consider short positions below this level with a target of $2,640 and a stop-loss set at $2,665.

The broader market sentiment will likely be influenced by key events like the upcoming Non-Farm Payrolls (NFP) report and Fed Chair Powell’s speech, which could inject volatility into gold prices.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2658

Take Profit – 2640

Stop Loss – 2665

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$1800/ -$700

Profit & Loss Per Mini Lot = +$180/ -$70