GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold remains under bearish pressure, trading below the pivot at $2,628.

- RSI of 21 indicates oversold conditions, though sentiment remains bearish.

- Major support at $2,603; break below this level could trigger deeper declines

Gold prices are currently trading at $2,604.68, down 0.61%, as the precious metal continues to face bearish pressures amid a strong US Dollar and rising Treasury yields. The price is notably below the pivot point at $2,628, which now acts as a significant barrier to any potential upside.

Immediate resistance sits at $2,649, followed by additional resistance levels at $2,667 and $2,687. These levels could limit any short-term gains unless there is a substantial shift in market sentiment.

On the support side, immediate support is at $2,603, with additional supports positioned at $2,585 and $2,564. Breaching these levels could indicate a deepening of the bearish trend, potentially bringing gold towards even lower territories.

The Relative Strength Index (RSI) currently stands at a low 21, highlighting oversold conditions. This reading suggests a potential for a near-term bounce; however, it also reflects the degree of selling pressure present in the market.

The 50-day Exponential Moving Average (EMA) is currently positioned at $2,669, well above the current price. This alignment confirms a broader bearish trend, as the current trading price remains below both key moving averages and critical resistance levels.

Given these indicators, the outlook for gold remains bearish, with the potential for further declines unless prices break above the $2,628 pivot point. For traders, an entry price below $2,612 offers a strategic selling opportunity with a target of $2,570, while a stop loss at $2,639 provides risk management.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2612

Take Profit – 2570

Stop Loss – 2639

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$4200/ -$2700

Profit & Loss Per Mini Lot = +$420/ -$270