GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate Resistance: Key level at $2,670; a break above could suggest recovery.

- Immediate Support: Strong support at $2,644; a breach could prompt further losses.

- Oversold Conditions: RSI at 22 indicates potential for a short-term bounce, but trend remains bearish.

Gold prices have continued their recent descent, trading at $2,655 as of Thursday, pressured by dollar strength and shifting risk sentiment in global markets. Currently, gold is hovering above a critical support pivot at $2,644. Holding this level is essential for bulls aiming to stabilize the metal.

On the upside, immediate resistance stands at $2,670, followed by the $2,690 mark, with a more robust cap at $2,708. A break above these resistance points would be necessary to trigger any sustained bullish reversal, especially with the 50-day Exponential Moving Average (EMA) positioned significantly higher at $2,741, underscoring the current bearish trend.

If gold fails to maintain support at $2,644, traders may see increased selling pressure, with support levels potentially coming into play at $2,626 and $2,605. An extended decline could push prices toward the $2,585 zone, which would be critical for assessing whether this downtrend has more room to run.

The Relative Strength Index (RSI) sits at a low 22, firmly indicating oversold conditions and suggesting that a short-term bounce may be on the horizon. However, the overall technical landscape remains bearish, and gold's path forward is likely to depend on whether it can break above $2,670 or if support at $2,644 gives way to further downside.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2644

Take Profit – 2678

Stop Loss – 2626

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$2626/ -$1800

Profit & Loss Per Mini Lot = +$262/ -$180