GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bearish Outlook: Gold trades below key pivot at $2,741.63, indicating potential for further downside.

- Key Resistance at 50 EMA: $2,741.23 acts as a strong ceiling, limiting immediate upside.

- Sell Strategy: Entry below $2,740, targeting $2,725 with a stop loss at $2,750 for risk management.

Gold (XAU/USD) is currently trading at $2,735.45, showing a modest decline of 0.04% on the day. The metal remains under pressure as it navigates around a crucial pivot point at $2,741.63, and technical indicators are signaling further downside potential if prices break below this level. The Relative Strength Index (RSI) stands at 44, indicating a bearish sentiment without reaching oversold territory.

Immediate resistance is situated at $2,748.35, with further upside targets at $2,753.68 and $2,762.36. For bullish momentum to gain traction, gold would need to surpass these levels convincingly. However, a looming resistance at the 50-day EMA, currently at $2,741.23, could cap gains in the short term.

On the downside, immediate support is found at $2,731.72, followed by stronger floors at $2,725.00 and $2,717.20. A break below the $2,731.72 support may prompt increased selling pressure, potentially driving gold toward the $2,725 target.

Given the downward trend and the pressure from key resistance points, a prudent strategy may involve selling below $2,740 with a take-profit target set at $2,725, while setting a stop loss near $2,750 to manage risk.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2740

Take Profit – 2725

Stop Loss – 2750

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Mini Lot = +$150/ -$100