Daily Price Outlook
* Gold experiences a strong bearish movement around the 1960 level.
* Support levels identified at 1955 and potential target at 1952.
* Resistance level expected at 1968, with potential targets at 1975 or 1980.
* Bearish sentiment indicated by the 50-day exponential moving average and formation of bearish candles.
Good morning, everyone. The precious metal gold is currently experiencing a strong bearish movement around the 1960 level. As observed on the four-hour timeframe, it aligns closely with our previous forecast, indicating a downward trend.
The next level of support is expected to be around 1955, with a potential target of 1952. On the other hand, resistance for gold is likely to be encountered at the 1968 level. If the price manages to break above this level, it could potentially reach 1975 or 1980.
The 50-day exponential moving average suggests a bearish sentiment, further supported by the formation of consistent bearish candles on the four-hour timeframe.
Additionally, the presence of three consecutive black rose candles indicates a strong selling pressure. Considering these factors, it is advisable to look for short positions below the 1965 level, with a target set at 1955 or 1951.
Gold (XAU/USD) Trade Idea
Entry Price – Sell Below 1965
Stop Loss – 1975
Take Profit – 1950
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$1500/ -$1000
Profit & Loss Per Micro Lot = +$150/ -$100
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