GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold experienced a sharp decline on Monday, trading near the $1943 level.
• The double bottom support level at $1953 has been broken, now acting as a significant resistance for gold prices.
• The 50-day exponential moving average is also acting as resistance around $1953, indicating a potential continuation of the downward trend, with potential support around $1932.

On Monday, the price of gold witnessed a sharp decline, trading around the $1943 level. On the four-hour timeframe, gold broke below the double bottom support level at $1953, which is now expected to act as a significant resistance for gold prices.

The 50-day exponential moving average is also acting as resistance around the $1953 level, further indicating a potential continuation of the downward trend, with potential support around the $1932 level.

The 50-day exponential moving average suggests selling pressure, while the RSI and MACD indicators are in oversold territory. Therefore, the $1953 level is likely to be a pivot point for gold prices today, with investors potentially considering selling opportunities at this level.

Alternatively, if gold breaks above the $1953 level, the next resistance levels to watch for are around $1960 or $1975.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Limit 1950

Stop Loss – 1965

Take Profit – 1932

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$1711/ -$1586

Profit & Loss Per Micro Lot = +$171/ -$158