GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

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