GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold trading at $2,313.670, down 0.15%, indicating bearish signals below the pivot point of $2,318.74.

- Immediate resistance levels to watch: $2,337.06, $2,354.43, and $2,370.11, crucial for upward movement.

- Immediate support levels: $2,290.40, $2,267.65, and $2,247.21, potential indicators of a more bearish trend.

Gold (XAU/USD) is currently trading at $2,313.670, down 0.15% for the session. The pivot point at $2,318.74 is crucial, serving as a key level for determining market direction. Immediate resistance levels are situated at $2,337.06, $2,354.43, and $2,370.11.

These resistance points are critical as they represent potential obstacles for any upward movement in price.

On the downside, immediate support is found at $2,290.40, followed by $2,267.65 and $2,247.21. A break below these levels could indicate a more bearish trend, putting additional pressure on gold prices.

Technical indicators provide a mixed outlook. The Relative Strength Index (RSI) is currently at 45, suggesting neutral momentum with a slight lean towards bearish sentiment.

The 50-day Exponential Moving Average (EMA) stands at $2,332.64, with the current price trading below this level. This positioning indicates a bearish trend in the near term.

Given the current market setup, the conclusion remains bearish below the pivot point of $2,318. A recommended entry price for a sell position is $2,318, with a take profit level at $2,302. To manage risk, a stop loss is set at $2,326.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2318

Take Profit – 2302

Stop Loss – 2326

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1600/ -$800

Profit & Loss Per Mini Lot = +$160/ -$80