Daily Price Outlook

    The price of gold has consolidated above the level of $1945.20, indicating potential signs of a bullish rebound. The stochastic positivity observed on the four-hour timeframe suggests a bullish bias in the upcoming sessions, with the price potentially aiming to test the level of $1977.25.

    As long as the price remains above $1955.00, the overall positive scenario remains valid, reinforcing the positive outlook. However, if the price breaks below $1945.20, the suggested bullish trend may come to a halt, leading to a potential decline in the price.

    For today's trading, the expected range is between support at $1940.00 and resistance at $1975.00. The expected trend for today is bullish.

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

     GOLD(XAU/USD) - Trade Idea

    Entry Price – Buy Limit 1945

    Take Profit – 1965

    Stop Loss – 1935

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$2000/ -$1000

    Profit & Loss Per Micro Lot = +$200/ -$100



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