GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bearish Bias: Gold is bearish below the Pivot Point at $2,905.78 and the 50 EMA at $2,925.55.

- Key Support Levels: Immediate support at $2,877.24, with significant floors at $2,853.42 and $2,834.62.

- Resistance Levels: Upside resistance at $2,924.64, $2,955.49, and $2,980.42.

Gold (XAU/USD) is currently trading at $2,896.48, down 0.03%, as it continues to struggle below the Pivot Point at $2,905.78. The yellow metal is facing selling pressure as it remains under the 50-day Exponential Moving Average (EMA) at $2,925.55, indicating a bearish bias in the short term.

The price action shows resistance at $2,924.64, with stronger barriers at $2,955.49 and $2,980.42. If gold manages to break above $2,905.78, it could trigger a short-term rally towards these resistance levels.

On the downside, immediate support is found at $2,877.24, with more substantial floors at $2,853.42 and $2,834.62. A break below $2,877.24 would reinforce the bearish outlook, likely leading to a test of the next support at $2,853.42.

Should prices continue to fall, the major support at $2,834.62 could act as a crucial level to watch for potential buyers stepping in.

The technical setup suggests a bearish trend as long as gold remains below the 50 EMA at $2,925.55. The 4-hour chart reveals lower highs and lower lows, reinforcing the downward momentum.

The Pivot Point at $2,905.78 is a critical level; a break above this could invalidate the bearish scenario, leading to a potential reversal towards $2,924.64. Conversely, a break below $2,877.24 would solidify the bearish trend, aiming for $2,853.42.

For traders, the strategy remains to Sell Below $2,905 with a Take Profit at $2,877 and a Stop Loss at $2,924. Gold's short-term outlook remains bearish, but traders should be cautious around key levels for any breakout or reversal signals.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2905

Take Profit – 2877

Stop Loss – 2924

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$2800/ -$1900

Profit & Loss Per Mini Lot = +$2800/ -$190