GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bearish Momentum: Pivot resistance at $2,639 holds, with gold trending toward $2,614 support.

- Technical Resistance: Immediate barriers at $2,662, $2,675, and $2,692 cap bullish attempts.

- Focus on Data: Nonfarm Payrolls could influence gold’s direction through the dollar and Treasury yields.

Gold (XAU/USD) is trading at $2,631.54, down 0.31% on the day, struggling to maintain momentum as the US dollar and Treasury yields remain elevated.

The immediate pivot point at $2,639.26 acts as a critical resistance level, with further upside capped by $2,662.22, $2,675.23, and $2,692.86.

Conversely, key support levels are positioned at $2,621.73, $2,605.08, and $2,583.91, where buyers may step in.

The RSI currently reads 46, reflecting neutral momentum but leaning towards bearish sentiment. The 50 EMA at $2,626.94 underscores near-term resistance, aligning with the pivot point.

Gold’s inability to decisively break above $2,639 suggests sellers are retaining control, with a potential move toward $2,614 if the downward trend persists.

From a technical perspective, the broader outlook remains bearish below $2,639, with the descending trendline and weakening RSI pressuring further declines.

A break below $2,621 could accelerate selling toward $2,605 and $2,583, marking critical downside targets. However, a bullish recovery would require a sustained push above $2,662 to invalidate the current bearish setup.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2639

Take Profit – 2614

Stop Loss – 2653

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$2500/ -$1400

Profit & Loss Per Mini Lot = +$250/ -$140