Daily Price Outlook
- Gold prices settle around the $1,977.25 level, encountering strong resistance.
- Positive momentum is awaited to push the price above $1,977.25 towards targets at $2,000.00 and $2,016.90.
- The EMA50 supports the bullish trend influenced by the double bottom pattern, but consolidation near $1,977.25 may lead to intraday downward pressure targeting $1,945.20.
Gold prices settle around the $1,977.25 level, encountering strong resistance at this point. We await positive momentum to drive the price above this level and toward our next targets, starting at $2,000.00 and extending to $2,016.90.
The EMA50 continues to support the anticipated bullish trend, influenced by the previously completed double bottom pattern.
It is important to note that if the price consolidates around the $1,977.25 level despite bullish attempts, it may face intraday downward pressure, targeting the $1,945.20 level before any new upward movement.
The projected trading range for today is between support at $1,960.00 and resistance at $1,995.00.
GOLD (XAU/USD) - Trade Idea
Entry Price – Sell Limit 1980
Take Profit – 1965
Stop Loss – 1989
Risk to Reward – 1: 1.67
Profit & Loss Per Standard Lot = +$1500/ -$900
Profit & Loss Per Micro Lot= +$150/ -$90
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