GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices have surpassed the $1929.00 level, with confirmation from the daily candlestick close above it.
• It is advisable to wait for clearer signals before taking action, watching for a break of the $1945.20 resistance or the $1929.00 support.
• The expected trading range for today is between support at $1920.00 and resistance at $1960.00.

Gold prices have successfully surpassed the $1929.00 level, confirmed by the daily candlestick closing above it. The next crucial resistance stands at $1945.20, supported by the EMA50. However, caution is advised as stochastic indicators display negative signals that could impede further upward movement.

It is recommended to remain on the sidelines until clearer signals for the next trend emerge, either by breaking the resistance at $1945.20 or the support at $1929.00.

A breach of the resistance would lead to additional gains targeting $1977.25, while breaking the support could reintroduce bearish pressure, potentially testing the $1913.15 level initially.

Breaking this level would open the path for a decline towards the next negative target at $1873.45.

The expected trading range for today is anticipated to be between the support level at $1920.00 and the resistance level at $1960.00. Overall, the trend for today is expected to be neutral.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1932

Take Profit – 1950

Stop Loss – 1922

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1800/ -$1000

Profit & Loss Per Micro Lot = +$180/ -$100