GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Critical Pivot Point: $2,680 dictates short-term sentiment; a break below signals further downside risk.

- Resistance Levels: Key resistance at $2,696.72, $2,710.98, and $2,724.66 caps upward momentum.

- EMA Reinforcement: The 50-day EMA at $2,666.75 provides near-term support but aligns with bearish trends below the pivot.

Gold prices are trading at $2,691.18, down 0.19% on the day, as the market consolidates near key technical levels. The pivot point at $2,680 serves as a critical threshold, dictating short-term market direction.

Immediate resistance is noted at $2,696.72, with further targets at $2,710.98 and $2,724.66 if bullish momentum continues. On the downside, immediate support lies at $2,664.75, followed by $2,645.00 and deeper support at $2,627.99.

The 50-day EMA, currently at $2,666.75, aligns closely with the first support level, reinforcing the bearish outlook below the pivot point.

A recent test of $2,700 failed to sustain, highlighting selling interest at higher levels. Short-term indicators suggest continued bearish pressure if prices fail to break above the pivot.

Traders should monitor price action around $2,680 closely. A decisive break below this level could trigger selling momentum, targeting $2,664.75 initially, with an extended decline toward $2,645.

Conversely, a sustained move above $2,700 may invalidate the bearish bias and open the door for higher resistance levels.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2700

Take Profit – 2680

Stop Loss – 2710

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Mini Lot = +$200/ -$100