GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate Resistance: $2,707.64; Next Resistances: $2,725.76, $2,743.00.

- Immediate Support: $2,687.30; Next Supports: $2,673.76, $2,654.69.

- RSI at 52 reflects a neutral stance, while the 50 EMA at $2,688.07 suggests bearish pressure persists, keeping the outlook cautious on further gains.

Gold prices are trading slightly lower at $2,694.61, down 0.45% as it hovers around crucial support levels amid renewed selling pressure. With immediate support at $2,687.30, gold remains in a tentative position. A breakdown below this level could expose gold to further downside risk, with the next key support points at $2,673.76 and $2,654.69.

Conversely, on the upside, immediate resistance is noted at $2,707.64, which aligns with recent intraday highs. Any sustained move above this level could allow for a bullish run towards the next resistance zones at $2,725.76 and $2,743.00, with a more formidable barrier at $2,758.57.

The Relative Strength Index (RSI) stands at 52, indicating neutral momentum, neither overbought nor oversold, which implies room for movement in either direction. Meanwhile, the 50 EMA, currently at $2,688.07, supports the notion of a short-term bearish trend if prices remain below this level.

Traders might consider a selling entry below $2,707.64, with a target at $2,673.76 and a stop-loss set at $2,726, as market dynamics lean toward downside risk given the subdued momentum.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2707

Take Profit – 2673

Stop Loss – 2726

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$3400/ -$1900

Profit & Loss Per Mini Lot = +$340/ -$190