GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Levels: $2,689.52, $2,705.99, $2,720.66.

- Support Levels: $2,653.49, $2,634.96, $2,619.00.

- Momentum Indicators: RSI at 34 indicates oversold conditions, signaling potential for a short-term recovery.

Gold prices (XAU/USD) have dropped 1.78%, trading at $2,668.50, as risk-on sentiment pressures the safe-haven asset. Gold is testing immediate support near $2,653.49, with stronger levels at $2,634.96 and $2,619.00 if selling momentum persists. The pivot point at $2,673.85 is acting as a key threshold for short-term price direction.

The 50 EMA at $2,683.28 currently serves as dynamic resistance, aligning with a broader bearish trend. Immediate resistance is at $2,689.52, with further hurdles at $2,705.99 and $2,720.66 if gold attempts a rebound. However, the RSI at 34 signals oversold conditions, suggesting a potential pause in bearish momentum.

A sustained break below $2,653.49 could open the door to further declines toward $2,634.96. Conversely, failure to break support may trigger a short-term bounce, targeting the $2,689.52 pivot point or higher. Traders should watch these levels closely, with $2,674 being the entry point for a sell position, targeting $2,654 with a stop loss at $2,685.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2674

Take Profit – 2654

Stop Loss – 2685

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$2000/ -$1100

Profit & Loss Per Mini Lot = +$200/ -$110