Daily Price Outlook
- Gold prices ended Friday's session above the $1,913.15 level, but faced resistance from the correctional bearish channel and the EMA50.
- Clear negative signals are observed through stochastic indicators, indicating the possibility of a bearish trend resumption.
- The expected trading range for today is between $1,895.00 support and $1,929.00 resistance.
Gold prices closed on a positive note last Friday, surpassing the level of $1,913.15 and settling above it. However, it is worth noting that the price encountered resistance from the correctional bearish channel and the EMA50, which provides additional strength to the resistance. Additionally, stochastic indicators show clear negative signals.
Considering these factors, there is a likelihood of the bearish trend resuming in the upcoming sessions. Our next target is set at $1,873.50, and only a breach of $1,923.00 would lead to further gains, with a target of testing the $1,945.20 area, before any potential decline.
The anticipated trading range for today is between the support level of $1,895.00 and the resistance level of $1,929.00.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) Trade Idea
Entry Price – Buy Above 1915
Take Profit – 1960
Stop Loss – 1890
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$4500/ -$2500
Profit & Loss Per Micro Lot = +$450/ -$250
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