GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

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