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
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