GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bearish Sentiment: Gold remains below the pivot point of $2,623.02, indicating continued downward pressure.

- Key Support Levels: Immediate support stands at $2,606.30, with further downside potential to $2,596.45 and $2,586.52.

- RSI Near Oversold: RSI at 37 suggests the possibility of a rebound if prices stabilize above the $2,620 level.

Gold (XAU/USD) is currently trading lower at $2,613.02, down 0.34% for the day, signaling continued selling pressure as the metal struggles to hold above critical support levels. On the 4-hour chart, gold is trading below the pivot point at $2,623.02, indicating a bearish outlook in the near term. Immediate resistance is seen at $2,632.79, with additional hurdles at $2,640.56 and $2,655.51 if buying interest picks up.

On the downside, immediate support is located at $2,606.30, followed by deeper support levels at $2,596.45 and $2,586.52. The 50-day Exponential Moving Average (EMA) at $2,635.53 suggests a strong resistance level, reinforcing the bearish sentiment. The Relative Strength Index (RSI) stands at 37, indicating the metal is approaching oversold territory, which may suggest a potential rebound if prices stabilize above the $2,620 mark.

Given the bearish momentum, traders may consider selling below $2,620 with a target at $2,606, while a stop-loss order above $2,627 could limit risk. A decisive break below $2,606 could accelerate selling pressure, driving prices toward the next support level at $2,596. Conversely, a recovery above $2,623 could signal a reversal, with potential gains toward $2,635.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2620

Take Profit – 2606

Stop Loss – 2627

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1400/ -$700

Profit & Loss Per Mini Lot = +$140/ -$70