GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance at $2,669.37: Gold needs to clear this level for a bullish reversal.

- Immediate Support at $2,648.16: A break below may trigger further declines.

- 50-EMA as a Barrier: Acting as strong resistance, holding back bullish momentum.

Gold (XAU/USD) is currently trading at $2,654.30, down 0.35% for the day, as the metal faces renewed selling pressure. Despite a modest recovery attempt, gold failed to breach the immediate resistance level at $2,669.37, which aligns with its descending trendline and the 50-day Exponential Moving Average (EMA) at $2,656.41. This has reinforced bearish sentiment among traders.

The Relative Strength Index (RSI) is holding at 50, indicating a lack of strong momentum in either direction. If gold prices break below the immediate support at $2,648.16, it could trigger a deeper correction toward the next support levels at $2,639.79 and $2,631.27. Conversely, if gold manages to clear the $2,669.37 resistance, it could set the stage for a move higher to $2,677.74 and potentially $2,685.39.

Short-term technical indicators suggest a cautious outlook, with gold needing to maintain support above $2,648.16 to avoid further declines. Traders should watch for a clear break above $2,669.37 to confirm any renewed bullish momentum.

Gold remains under bearish pressure. An entry position could be considered below $2,660, targeting support at $2,648. For upside potential, a break above $2,669 is required to open further gains.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2660

Take Profit – 2648

Stop Loss – 2669

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$1200/ -$900

Profit & Loss Per Mini Lot = +$120/ -$90