GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold price at $2,327.25, down 0.01%, with a bearish short-term outlook.

- Immediate resistance at $2,359.49, immediate support at $2,307.51.

- RSI at 39 and 50 EMA at $2,350.27 indicate potential for further decline.

Gold (XAU/USD) is trading at $2,327.25, slightly down by 0.01% in the 4-hour timeframe. The immediate technical outlook for gold shows it hovering just below the pivot point of $2,332.64, suggesting a cautious market sentiment.

Key price levels indicate that the immediate resistance is at $2,359.49, with subsequent resistance at $2,375.55 and $2,394.38. On the downside, immediate support is noted at $2,307.51, followed by $2,287.30 and $2,267.82, indicating potential areas where buying interest may emerge.

The Relative Strength Index (RSI) is at 39, suggesting that the market is currently not in the overbought or oversold territory but closer to the latter, hinting at potential for further declines. The 50-day Exponential Moving Average (EMA) stands at $2,350.27, which is above the current price, underscoring a bearish trend in the short term.

Given the technical indicators, gold appears to be under selling pressure. The recommendation for traders is to consider selling below $2,333, with a take profit target at $2,297 and a stop loss at $2,360.

GOLD (XAU/USD) - Technical Analysis

Entry Price – Sell Below 2333

Take Profit – 2297

Stop Loss – 2360

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$3600/ -$2700

Profit & Loss Per Mini Lot = +$360/ -$270