Daily Price Outlook
* Gold is trading around $1,986, facing resistance at $1,990 and support around $1,984, with mixed investor sentiment as the RSI suggests buying, while the MACD indicates selling.
* Traders are advised to wait for solid support or resistance levels before taking any buying or selling positions, as gold is trading within a range.
* Potential trading strategies include placing a buy limit around $1,974 or a sell limit below $2,011, capturing quick selling opportunities below $1,990, and considering buying positions if gold holds above $1,974.
The precious metal gold is currently trading around the $1,986 level, facing immediate resistance at $1,990, reinforced by the 50-day exponential moving average (EMA). At the same time, gold is finding significant support around $1,984. There is mixed sentiment among investors regarding the direction of the trade.
For instance, the RSI is in the buying zone, while the MACD is in the selling zone. Additionally, the 50-day EMA signals an upward trend, while the lower trendline supports gold around the $1,983 level.
Gold is trading between the upper and lower range, making it prudent to wait for the price to reach a solid support or resistance level before taking any buying or selling positions. Traders can place a buy limit around the $1,974 level or a sell limit below $2,011.
For capturing a quick selling opportunity, one can sell below the $1,990 level, targeting $1,975. Simultaneously, a buying position can be taken if gold manages to hold above the $1,974 level.
GOLD(XAU/USD) – Trade Ideas
Entry Price – Sell Below $1990
Stop Loss – $1995
Take Profit – $1975
Risk to Reward – 1 : 3
Profit & Loss Per Standard Lot = +$1500/ -$500
Profit & Loss Per Micro Lot = +$150/ -$50
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.
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