GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Gold remains bearish below $2,654, with RSI at 41 confirming weak momentum.

- Key resistance lies at $2,672.93, while immediate support is at $2,634.28.

- Entry for short positions below $2,654 targets $2,634, with a stop at $2,666.

Gold prices are trading at $2,647.27, up 0.03%, as the market shows tentative upward movement within a bearish framework.

The key pivot point at $2,654.36 serves as a critical juncture for near-term direction. The 50 EMA at $2,667.06 aligns closely with resistance, reinforcing selling pressure at higher levels.

Immediate resistance is noted at $2,672.93, followed by $2,690.55 and $2,704.46 for further upside tests if momentum shifts.

On the downside, gold is supported initially at $2,634.28, with further levels of $2,617.80 and $2,601.58 offering potential targets for bears.

The RSI at 41 signals bearish momentum but remains neutral enough to allow for a brief recovery before resuming downside pressure.

Traders are watching for a break below the pivot point to confirm bearish dominance, with the suggested entry price for short positions at $2,654, targeting $2,634, while keeping a stop loss at $2,666.

Conversely, sustained movement above $2,672.93 could shift sentiment toward buyers. However, the current setup suggests sellers remain in control below the pivot and 50 EMA.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2654

Take Profit – 2634

Stop Loss – 2666

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$2000/ -$1200

Profit & Loss Per Mini Lot = +$200/ -$120