GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Entry Strategy: Sell below $2,731, with a target of $2,710 and stop loss at $2,747.

- Immediate Support: Watch for $2,710, with next supports at $2,702 and $2,693.

- Technical Indicators: RSI at 35.68 suggests selling pressure, but close to oversold territory.

Gold prices continue to face downward pressure, trading around $2,725.41 after a failed attempt to break above key resistance levels. Currently, the metal is struggling below the pivotal $2,731 level, suggesting a bearish sentiment in the short term.

Sellers seem in control, with price action slipping further below the 50-day EMA at $2,745, reinforcing the downside bias. Immediate resistance now lies at $2,731, followed by the next levels at $2,747 and $2,760.

On the support side, the first level to watch is at $2,710, with further support emerging at $2,702 and $2,693. A decisive break below $2,710 could open the door for deeper declines, especially if bearish momentum accelerates.

The Relative Strength Index (RSI) stands at 35.68, showing that gold is approaching oversold territory, but not quite there yet. This indicates that while further downside is possible, some traders might begin looking for buying opportunities if the RSI dips below 30.

The recent sell-off was triggered after prices failed to sustain above the $2,731 mark, leading to increased bearish momentum in the market.

Traders are likely eyeing a sell position below $2,731, with a target price around $2,710 and a stop loss near the resistance at $2,747. A close below $2,710 would likely confirm bearish continuation and could signal a further slide toward the $2,693 support level.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2748

Take Profit – 2730

Stop Loss – 2758

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1800/ -$1000

Profit & Loss Per Mini Lot = +$180/ -$100