Daily Price Outlook
- Gold price consolidates above $1945.20, signaling potential for a bullish rebound with stochastic positivity on the four-hour timeframe.
- Overall positive scenario remains valid as long as price stays above $1955.00, but breaking below $1945.20 could lead to a halt in the bullish trend.
- Today's trading range: Support at $1940.00, Resistance at $1975.00. Expected trend for today is bullish.
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(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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