Daily Price Outlook

    The price of gold has successfully surpassed the level of $1,977.25, closing the previous four-hour candlestick above it. This development indicates the potential for a continued bullish trend in the short-term and intraday scenarios. As a result, new target levels are now in focus, beginning at $2,000.00 and followed by $2,016.90.

    The upward movement is supported by a bullish channel, which receives significant reinforcement from the EMA50 indicator. However, if the price breaks below the level of $1,977.25, the anticipated rise may be halted, leading to a potential reversal and a shift towards a decline.

    For today's trading, it is expected that the support level will be around $1,970.00, while resistance is likely to be encountered at $2,005.00.

    Overall, the outlook for today suggests a bullish trend in the gold market, but it is important to monitor the price action closely for any potential reversals or shifts in the market sentiment.

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

    GOLD(XAU/USD) - Trade Idea

    Entry Price – Buy Limit 1974

    Take Profit – 1999

    Stop Loss – 1960

    Risk to Reward – 1: 1.79

    Profit & Loss Per Standard Lot = +$2500/ -$1400

    Profit & Loss Per Micro Lot = +$250/ -$140



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