GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Pivot Point: $2,627.06 is the critical threshold; bearish below this level.

- Support Levels: Key supports at $2,607.94, $2,593.70, and $2,577.23.

- Resistance Levels: Barriers at $2,638.91, $2,651.73, and $2,665.31 limit upside potential.

Gold (XAU/USD) is trading at $2,619.77, down 0.09% in the last session, as bearish momentum dominates short-term price action.

The pivot point at $2,627.06 remains a key level to monitor. Prices staying below this threshold signal a continuation of the bearish bias, with immediate support at $2,607.94. Further declines could test secondary support levels at $2,593.70 and $2,577.23.

Resistance levels on the upside are clustered at $2,638.91, $2,651.73, and $2,665.31, presenting significant barriers to bullish recovery.

The Relative Strength Index (RSI) at 44 reflects moderately bearish momentum, with no immediate signs of oversold conditions. The 50 EMA, positioned at $2,622.68, reinforces the bearish trend, as gold continues to trade below this level.

A symmetrical triangle pattern on the 4-hour chart indicates potential for a breakout. However, the formation of a bearish engulfing candle suggests downward pressure remains dominant.

A short-term sell strategy below $2,627 with a target of $2,608 and a stop loss at $2,643 aligns with the current technical landscape.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2627

Take Profit – 2608

Stop Loss – 2643

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1900/ -$1600

Profit & Loss Per Mini Lot = +$190/ -$160