Daily Price Outlook
- Gold prices attempted to surpass the EMA50 but settled around it, influenced by current stochastic positivity, awaiting negative momentum to resume the bearish bias with the primary target at $1,945.20.
- Short-term outlook remains bearish unless the price rallies above $1,977.25 and sustains a position above it, which could lead to a bullish trajectory.
- Breaking the support at $1,945.20 may result in further losses, targeting $1,913.15.
Gold prices experienced a downtrend and attempted to surpass the EMA50, but eventually settled around it. The current stochastic positivity influenced the fluctuations, while investors await negative momentum to push the price back into the bearish bias, with the primary target at $1,945.20.
We maintain a bearish view for the short term unless the price manages to rally and breach the level of $1,977.25, sustaining a position above it. Such a breakthrough could lead the price back to the main bullish trajectory. However, if the price breaks the support at $1,945.20, it could lead to further losses, reaching $1,913.15.
The expected trading range for today is between the support level of $1,945.00 and the resistance level of $1,977.00.
Gold (XAU/USD) Trade ideas
Entry Price – Sell Limit 1965
Take Profit – 1950
Stop Loss – 1970
Risk to Reward – 1: 3
Profit & Loss Per Standard Lot = +$1500/ -$500
Profit & Loss Per Micro Lot = +$150/ -$50
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