GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices faced solid resistance at $1,929.00 and may return to the bearish channel.
• Negative signals from stochastic indicators suggest upcoming downward movement.
• Breaking $1,913.15 would open the way for a potential decline towards $1,873.50.

Gold prices exhibited notable upward movement in recent sessions as they approached the resistance of the bearish channel.

However, they encountered strong resistance at $1,929.00, leading to a subsequent decline and a potential return to the channel. Stochastic indicators continue to provide negative signals.

As a result, we anticipate a negative trend in the upcoming sessions, with an initial target of breaking $1,913.15 to confirm the path towards $1,873.50.

It is worth noting that a breach of $1,929.00 would likely propel the price towards further gains, with the next positive milestone at $1,945.20.

The projected trading range for today is expected to fluctuate between support at $1,900.00 and resistance at $1,935.00.

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