GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold price remained relatively stable yesterday, maintaining its position around $1,960.00, thereby sustaining the bearish trend scenario without any significant changes. The focus remains on the potential target at $1,945.20.

It is important to note that a breakthrough of the mentioned target level could lead to further losses, potentially driving gold price down to $1,913.15 in the short term.

On the other hand, a breach of $1,977.25 would be crucial in resuming the primary bullish trend and aiming for gains towards $2,000.00, followed by $2,016.90.

Today's projected trading range lies between the support level at $1,945.00 and the resistance level at $1,977.00.

Gold (XAU/USD) Trade ideas

Entry Price – Buy Above 1962

Take Profit – 1982

Stop Loss – 1946

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$2000/ -$1600

Profit & Loss Per Micro Lot = +$200/ -$160