GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Levels: $2,655.31, $2,669.37, $2,686.59.

- Support Levels: $2,624.17, $2,604.95, $2,590.40.

- Momentum: RSI at 38 suggests bearish momentum, with the 50-day EMA adding resistance near $2,639.84.

Gold (XAU/USD) continues its downward trajectory, trading at $2,625.41, down 0.92% on the day. The metal struggles to regain its footing as bearish sentiment dominates, with the price hovering below the critical pivot point at $2,645.48.

Immediate resistance is located at $2,655.31, with further hurdles at $2,669.37 and $2,686.59. A breakout above these levels could signal a short-term recovery; however, the 50-day EMA at $2,639.84 reinforces resistance, adding to the downward pressure.

On the downside, immediate support rests at $2,624.17, followed by deeper levels at $2,604.95 and $2,590.40. A sustained break below $2,624.17 could lead to further declines, targeting the next critical support at $2,590.40. The RSI at 38 reflects bearish momentum, signaling oversold conditions but with room for additional downside unless buyers step in.

The broader outlook remains cautious, as gold’s inability to reclaim the pivot point indicates ongoing bearish sentiment. Traders should watch for a decisive move above $2,645 to confirm bullish potential. Otherwise, failure to hold above immediate support could invite additional selling pressure.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2625

Take Profit – 2645

Stop Loss – 2610

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$2000/ -$1500

Profit & Loss Per Mini Lot = +$200/ -$150