Daily Price Outlook
- Gold prices continue to exhibit a bearish trend as they closed below the $1913.15 level, with a potential decline towards the next target at $1873.50.
- The EMA50 acts as a reinforcing factor for the bearish momentum, and a breakthrough of $1907.00 would support reaching the expected target.
- Today's trading range is expected to be between support at $1890.00 and resistance at $1925.00.
Gold prices concluded the previous session below the $1913.15 level, confirming the prevailing bearish trend in the short term. The price is aiming to re-enter the bearish channel observed on the chart and potentially extend the decline towards the next target at $1873.50.
The presence of the EMA50 continues to reinforce the suggested bearish momentum, and a breakthrough of $1907.00 would facilitate the achievement of the anticipated target. However, if the price surpasses $1913.15, it would be considered a positive development, leading to potential recovery attempts targeting $1929.00 and potentially reaching $1945.20 before any new downward move.
For today's trading, we anticipate the price to move within a range of support at $1890.00 and resistance at $1925.00.
Overall, the forecasted trend for today remains bearish, reflecting the current market sentiment.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) Trade Idea
Entry Price – Buy Above 1910
Take Profit – 1920
Stop Loss – 1900
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$1000/ -$1000
Profit & Loss Per Micro Lot = +$100/ -$100
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