GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate Resistance: $2,636.57; support at $2,576.85 could be tested.

- RSI Oversold: At 35, indicating limited downside but weak bullish recovery.

- 50 EMA: Gold remains below $2,665.76, confirming bearish momentum.

Gold (XAU/USD) is trading at $2,609.76, gaining 0.94% in today’s session. Despite the uptick, the metal remains below its pivot point at $2,616.77, indicating lingering bearish pressure.

The immediate resistance lies at $2,636.57, followed by stronger hurdles at $2,664.90 and $2,690.55. On the downside, immediate support is seen at $2,576.85, with subsequent supports at $2,559.53 and $2,537.25.

Technical indicators highlight mixed sentiment. The RSI at 35 reflects oversold conditions, suggesting limited downside in the near term. However, the 50 EMA at $2,665.76 positions gold below this critical moving average, signaling that bearish momentum is still dominant.

From a technical perspective, a failure to reclaim the pivot point at $2,616.77 could encourage sellers, pushing gold toward its immediate support at $2,576.85.

A break below this level would expose gold to deeper corrections toward $2,559.53 and $2,537.25. Conversely, a successful move above the pivot could trigger buying interest, targeting $2,636.57 and beyond.

Traders may look for opportunities to sell below $2,620, with potential profit-taking near $2,595 and a stop-loss set at $2,635.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2620

Take Profit – 2595

Stop Loss – 2635

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$2500/ -$1500

Profit & Loss Per Mini Lot = +$250/ -$150