GOLD Price Analysis and Trade Forecast: Daily Trading Signal

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(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