Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jul 17, 20231 min
Signal 2023 05 25 122622 002

Daily Price Outlook

                Gold prices show a slight negative movement, potentially testing the key support level at $1945.20. It is worth noting that the EMA50 intersects with this level, providing additional strength. The stochastic indicator indicates clear positive momentum.

                Therefore, there is a valid possibility for the expected bullish trend to resume on an intraday basis, with a target of $1977.25.

                This prediction is influenced by the presence of a double bottom pattern on the chart. However, if the price breaks below $1945.20, followed by $1935.10, the anticipated rise will be halted, and a decline may occur.

                GOLD Price Chart – Source: Tradingview
                GOLD Price Chart – Source: Tradingview

                Gold (XAU/USD) Trade Idea

                Entry Price – Buy Limit 1950

                Take Profit – 1970

                Stop Loss – 1940

                Risk to Reward – 1: 2

                Profit & Loss Per Standard Lot = +$2000/ -$1000

                Profit & Loss Per Micro Lot= +$200/ -$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.

                GOLD

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