Daily Price Outlook
* Gold's price rebounds from $1,985 support level, in line with our previous forecast.
* Gold faces significant resistance at $2,000 mark, reinforced by a triple-top pattern.
* A breakout above $2,000 could lead to further increases, potentially reaching $2,019.
Welcome back, and good morning. Today, we will be examining the technical aspects of the precious metal, gold. So far, gold's performance has been precisely in line with our previous forecast, as it rebounded from the support level of around $1,985, which was reinforced by an upward trend line.
Currently, gold's price is facing significant resistance around the $2,000 mark, which serves as a psychological resistance level. Additionally, this level is strengthened by a triple-top pattern. As can be observed on the 2-hour time frame, gold has crossed the 50-day exponential moving average. Furthermore, other technical indicators, such as RSI and MACD, also suggest an upcoming surge.
Considering these factors, the strategy is to watch for a breakout above the $2,000 resistance level, as this could push gold's price towards the next resistance level of $2,009. A successful breakout at this particular level may expose gold to a further increase, potentially reaching the $2,019 mark.
Gold (XAU/USD) Trade Idea
Entry Price – Buy Above $2000
Stop Loss – $1990
Take Profit – $2010
Risk to Reward – 1 : 1
Profit & Loss Per Standard Lot = +$1000/ -$1000
Profit & Loss Per Micro Lot = +$100/ -$100
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