GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices are currently trading sideways, awaiting a positive momentum to resume the anticipated bullish movement towards the target of $1,977.25.
• Surpassing the mentioned level is anticipated, with further positive targets expected, supported by the completion of a double bottom pattern and the EMA50.
• A break below the levels of $1,945.20 and $1,935.60 would halt the expected rise and trigger a decline in gold prices.

Gold prices have been trading sideways since yesterday, waiting for a positive momentum to resume the expected bullish movement on an intraday basis, targeting a test of $1,977.25.

It is worth noting that we anticipate surpassing this level and reaching additional positive targets, supported by the completion of a double bottom pattern and the EMA50.

However, if the price breaks below the levels of $1,945.20 and $1,935.60, it would interrupt the anticipated rise and lead to a decline.

The projected trading range for today is expected to be between the support level at $1,950.00 and the resistance level at $1,985.00.

Overall, the expected trend for today is bullish.

GOLD Price Chart – Source: Tradingview

GOLD (XAU/USD) - Trade idea

Entry Price – Sell Limit 1964

Take Profit – 1945

Stop Loss – 1972

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1900/ -$800

Profit & Loss Per Micro Lot = +$190/ -$80