Daily Price Outlook
* Gold prices closed the week around 1977.25, still lingering in that range, but the stochastic indicator is flashing overbought signals, adding some negative pressure alongside the EMA50.
* These factors align with a correctional bearish trend, targeting 1945.20. However, a break above 1977.25 could lead to additional gains, possibly reaching 2016.95.
* Today's trading range is expected to be between 1955.00 as support and 1990.00 as resistance, with a bearish trend in play.
Gold prices ended the week at the cool level of 1977.25, and they're still hanging out around that range. But uh-oh, the stochastic indicator seems to have lost its groove and is flashing those overbought signals. That's putting some negative pressure on the market, especially with the EMA50 throwing shade.
All of these factors are like a cheerleader for the correctional bearish trend, pushing for a target of 1945.20. However, if the gold price can break free from the negative scenario and surpass 1977.25, then we might see it score some extra gains, maybe even reaching 2016.95.
So, for today's trading, we're looking at a range between 1955.00 as support and 1990.00 as resistance. And in terms of trend, it's feeling a bit bearish, like a grizzly getting ready for a downward dance.
Let's keep an eye on those gold prices and see where they groove next!
Gold (XAU/USD) Trade Idea
Entry Price – Sell Below 1977
Stop Loss – 1990
Take Profit – 1951
Risk to Reward – 1 : 2
Profit & Loss Per Standard Lot = +$2600/ -$1250
Profit & Loss Per Micro Lot = +$260/ -$125
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.