GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold remains bearish below the 50 EMA at $2,683.79.

- RSI near 36 suggests possible oversold conditions but limited buying.

- A short position below $2,707 is favored with $2,673 as the target.

Gold prices continue to face pressure, currently trading at $2,671.65, down 0.48% for the day. The metal is struggling to break through resistance levels as bearish sentiment prevails. The immediate pivot point lies at $2,682.99, providing a critical reference for short-term movement.

Gold’s immediate resistance stands at $2,697.76, followed by $2,710.07, with further resistance at $2,725.76. A failure to breach these levels would reinforce the selling momentum, potentially pushing prices toward the immediate support level of $2,666.69. Below this, additional support is seen at $2,654.69 and $2,643.30.

Technical indicators suggest a weak outlook for gold. The Relative Strength Index (RSI) is currently at 36, indicating that gold is approaching oversold territory, yet there’s limited buying interest at this stage. The 50-day Exponential Moving Average (EMA) at $2,683.79 acts as a resistance barrier. As long as gold remains below this moving average, the bearish bias remains intact.

In light of these technical factors, a potential short entry is recommended below $2,707, with a target of $2,673 for take-profit and a stop-loss set at $2,726 to manage risk. Traders should monitor the pivot point closely, as any sustained move above $2,683.79 could alter the bearish outlook, albeit temporarily.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2682

Take Profit – 2657

Stop Loss – 2698

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$2500/ -$1600

Profit & Loss Per Mini Lot = +$250/ -$160