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
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.