GOLD Price Analysis and Trade Forecast: Daily Trading Signal
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
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