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 Price Chart – Source: Tradingview
    GOLD Price Chart – Source: Tradingview

    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



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