Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jul 31, 20231 min
Signal 2023 05 25 122622 002

Daily Price Outlook

    The gold price saw an upward bounce from the 1945.20 level in recent sessions, testing the resistance at the EMA50, which is currently at $1960.00. A potential break above this level could pave the way for a move towards the next main target at $1977.25.

    Hence, a bullish trend is expected on an intraday basis, contingent upon the price remaining stable above $1945.20. However, a break below this level would introduce negative factors, potentially leading to further declines towards $1929.00 and subsequently $1913.15.

    The projected trading range for today lies between the support level of $1945.00 and the resistance level of $1977.00.

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

     GOLD(XAU/USD) - Trade Idea

    Entry Price – Sell Limit 1960

    Take Profit – 1945

    Stop Loss – 1970

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$1500/ -$1000

    Profit & Loss Per Micro Lot = +$150/ -$100

    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.

    GOLD

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