GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Levels: Key resistances are at $2,663.57, $2,684.85, and $2,707.65, requiring a breakout to reverse bearish sentiment.

- Support Levels: Immediate support lies at $2,612.40, with deeper levels at $2,590.11 and $2,561.23.

- Technical Indicators: RSI at 59 indicates neutral momentum; 50-day EMA at $2,593.63 reinforces bearish pressure below the pivot.

Gold prices (XAU/USD) are trading at $2,629.60, down 0.09% as bearish momentum emerges below the pivot point at $2,640.77. Immediate resistance is positioned at $2,663.57, with higher barriers at $2,684.85 and $2,707.65, forming a challenging upward path.

The 50-day EMA at $2,593.63 aligns with the immediate support level of $2,612.40, providing key downside protection. Additional support levels include $2,590.11 and $2,561.23.

The Relative Strength Index (RSI) at 59 suggests neutral momentum, leaving room for further selling pressure if prices fail to reclaim $2,640.77. A break below $2,612.40 would likely intensify the downward trajectory, targeting $2,590.11.

Conversely, a sustained push above $2,663.57 could signal renewed bullish interest, but near-term sentiment leans bearish.

Traders are advised to consider selling below $2,641, targeting $2,598 with a stop loss at $2,664. With the strong US dollar and rising Treasury yields weighing on gold, the path of least resistance appears downward.

Gold is bearish below $2,641, with selling opportunities targeting $2,598. A break below $2,612.40 could accelerate losses, while resistance at $2,663.57 holds the key to any bullish recovery.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2641

Take Profit – 2598

Stop Loss – 2664

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$4300/ -$2300

Profit & Loss Per Mini Lot = +$430/ -$230