Daily Price Outlook

    Gold prices closed below the level of $1977.25 yesterday, but they are currently consolidating above the intraday bullish channel. The presence of the EMA50 at this support level adds further strength to the consolidation.

    Additionally, the stochastic indicator has reached the oversold areas and is showing positive overlapping signals.

    Given these factors, we are inclined to suggest a bullish bias for the upcoming period. The initial targets are set at breaching $1977.25, which would reinforce the likelihood of the price heading towards $2000.00, followed by $2016.90 as the next positive milestones.

    It's important to note that a break below $1967.40 would halt the expected rise and potentially lead to a decline in price.

    The expected trading range for today is between the support level of $1960.00 and the resistance level of $1990.00.

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

    GOLD(XAU/USD) - Trade Idea

    Entry Price – Buy Above 1970

    Take Profit – 1996

    Stop Loss – 1955

    Risk to Reward – 1: 1.73

    Profit & Loss Per Standard Lot = +$2600/ -$1500

    Profit & Loss Per Micro Lot= +$260/ -$150



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