Daily Price Outlook
- Gold price shows an upward bounce from $1945.20, testing EMA50 resistance at $1960.00.
- Potential break above $1960.00 may lead to next target at $1977.25.
- Bullish trend expected if price remains stable above $1945.20, with downside targets at $1929.00 and $1913.15 if broken. Expected trading range: $1945.00 - $1977.00.
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(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
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