Daily Price Outlook
- Gold prices show bullish bounce after testing the $1,945.20 level.
- EMA50 and double bottom pattern support the expected rise towards $1,977.25 and higher levels.
- Bullish trend remains intact unless price breaks below $1,945.20 and $1,935.10 levels.
Gold prices tested the $1,945.20 level and exhibited a bullish bounce, indicating a potential resumption of the anticipated bullish movement on an intraday basis. The initial target for this upward wave is set at the $1,977.25 level.
The presence of the EMA50 provides support for the expected rise, which is further reinforced by the double bottom pattern observed on the chart. These factors increase the likelihood of surpassing the aforementioned target and heading towards the $2,000.00 level, followed by the $2,016.90 area as the next significant milestones.
As long as the price remains above the $1,945.20 level, the bullish trend scenario remains valid and in play. A breach of this level, followed by a drop below the $1,935.10 level, would raise concerns and potentially negate the bullish outlook.
Today's expected trading range is between support at $1,945.00 and resistance at $1,980.00.
Overall, the outlook for today remains bullish, with the potential for further upward movement in gold prices.
Gold (XAU/USD) Trade Idea
Entry Price – Buy Limit 1954
Take Profit – 1970
Stop Loss – 1945
Risk to Reward – 1:1.7
Profit & Loss Per Standard Lot = +$1600/ -$900
Profit & Loss Per Micro Lot= +$160/ -$90
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