GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold prices are fluctuating with slight negativity towards potential support at $1945.20.
- The EMA50 adds strength to the support level.
- Stochastic indicator shows clear positive momentum.
- Expected bullish trend with a target of $1977.25.
- A double bottom pattern supports the bullish outlook.
- Breaking below $1945.20 and $1935.10 levels may lead to a decline.
- Expected trading range: $1940.00 (support) to $1975.00 (resistance).
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 (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
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