Daily Price Outlook

    * Gold prices remained stable around $2016.95, maintaining the bearish trend with a target of $1977.25.

    * The Stochastic indicator signals a potential continuation of the decline, supported by the EMA50. However, a breakout above $2016.95 and $2027.20 could indicate a shift towards a bullish trend.

    * The expected trading range for today is between $1995.00 support and $2027.00 resistance.

Gold prices have held steady around the $2016.95 mark, displaying little change since yesterday. The current bearish trend remains intact, suggesting a potential correctional target of $1977.25.

Significantly, the Stochastic indicator is indicating clear negative signals, indicating a possible continuation of the anticipated decline. This negative pressure is reinforced by the presence of the EMA50 indicator.

However, it is worth noting that a breakthrough above the key levels of $2016.95 and $2027.20 could invalidate the bearish scenario and potentially trigger a renewed attempt to regain the main bullish trend.

For today's trading session, market participants should anticipate a trading range between the support level of $1995.00 and the resistance level of $2027.00. Based on current market conditions, the overall forecast suggests a bearish trend for the day.

 GOLD Price Chart - Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Stop $2000

Stop Loss – $2025

Take Profit – $1975

Risk to Reward – 1 : 1

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

Profit & Loss Per Micro Lot = +$250/ -$250


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