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



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