Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
May 25, 20231 min
Gold

Daily Price Outlook

  • Gold is facing resistance at the $1960 level
  • Support is expected around the $1952 level
  • Violation of the $1952 level could expose gold to support levels at $1944 and $1936

Gold is currently trading around the $1955 level, with a bearish sentiment prevailing in the market. On the four-hour timeframe, a descending candle pattern is forming, indicating a strong selling trend in gold.

The immediate resistance for gold is expected around the $1960 level, while support can be found around the $1952 level. A breach of the $1952 level may lead to a further decline towards the next support levels at $1944 and $1936.

Conversely, if gold manages to hold above the $1950 level, it could trigger a bullish bounce. A break above the $1960 to $1968 range may indicate a potential bullish correction.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) - Trade Idea

Entry Price – Buy Above 1952

Stop Loss – 1942

Take Profit – 1968

Risk to Reward – 1 : 1.7

Profit & Loss Per Standard Lot = +$1649/ -$924

Profit & Loss Per Micro Lot = +$164/ -$92

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GOLD

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