Daily Price Outlook
- Gold prices confirm break below intraday bullish channel's support, indicating upcoming decline towards $1945.20 level.
- Temporary bearish bias for today; confirmation if price breaks below $1960.00.
- Bullish track expected to resume later; breaching $1977.25 level could lead to price rise. Expected trading range: $1945.00 (support) to $1977.00 (resistance).
Gold prices have confirmed a break below the support line of the intraday bullish channel, indicating an upcoming decline towards the $1945.20 level. This suggests a bearish bias for today, and further confirmation of the bearish trend will occur if the price breaks below $1960.00.
However, it's important to note that this expected decline is temporary, and the bullish track is expected to resume later on. If the price breaks below the targeted level, it may face additional negative pressure, with the next target at $1913.15.
On the other hand, breaching the $1977.25 level will be a positive factor that could halt the current negative pressure and lead to a rise in the price.
Expected trading range for today: $1945.00 (support) to $1977.00 (resistance).
GOLD(XAU/USD) - Trade Idea
Entry Price – Sell Stop 1956
Take Profit – 1934
Stop Loss – 1967
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$2200/ -$1100
Profit & Loss Per Micro Lot= +$220/ -$110
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