GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices have rallied strongly, confirming a breach of the $1945.20 level.
• The formation of a double bottom pattern supports the potential for further upward movement.
• The EMA50 provides support for a continued bullish bias on the intraday basis.

Gold prices have demonstrated a strong bullish rally, confirming a breakthrough of the $1945.20 level. Upon closer analysis of the chart, it can be observed that the price has completed the formation of a double bottom pattern, indicating the potential for further upward movement in the upcoming sessions.

Our next target is positioned at $1977.25, and surpassing this level would be the key to rallying towards $2000.00, followed by the $2016.90 area as additional positive targets.

Consequently, we anticipate a continued bullish bias on the intraday basis, supported by the presence of the EMA50, which is providing upward momentum. It is important to note that a break below $1945.20 would halt the suggested rise and potentially lead the price back into a bearish track.

The projected trading range for today is expected to be between the support level at $1950.00 and the resistance level at $1980.00.

Overall, the trend for today is anticipated to be bullish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1955

Take Profit – 1970

Stop Loss – 1945

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100