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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