Daily Price Outlook
- Gold price shows limited movement, hovering around $1,960.00.
- Bearish trend remains unchanged, with a target at $1,945.20.
- Break below $1,945.20 could lead to further declines towards $1,913.15.
- Key resistance at $1,977.25 could trigger a resumption of the bullish trend towards $2,000.00 and $2,016.90.
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
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
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