GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bearish Sentiment: RSI at 36 indicates oversold conditions, yet recovery is limited.

- Critical Levels: Support at $2,605.31 and resistance at $2,647.56 dictate near-term direction.

- Trend Outlook: Below $2,632, the bearish trend is expected to extend toward $2,594.

Gold (XAU/USD) is trading at $2,623.21, down 0.09%, as it consolidates below the critical pivot point at $2,631.72. Technical indicators suggest that bearish momentum dominates, with immediate support at $2,605.31. A break below this level could expose gold to deeper supports at $2,582.37 and $2,561.16.

On the upside, resistance levels lie at $2,647.56, the 50-day EMA at $2,663.32, and further at $2,687.93. These levels present formidable challenges, especially as gold remains weighed down by a weaker Relative Strength Index (RSI) reading of 36, which reflects oversold conditions but insufficient buying pressure to trigger a recovery.

The bearish outlook is further supported by the alignment of the 50-day EMA as a dynamic resistance level, capping upward moves. Gold traders are focusing on the potential for a break below $2,631.72, which could trigger a sell-off toward the next significant target at $2,594. Conversely, a reversal above the pivot and sustained trading above $2,647.56 would be necessary to challenge the next resistance zones.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2632

Take Profit – 2594

Stop Loss – 2653

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$3800/ -$2100

Profit & Loss Per Mini Lot = +$380/ -$210