GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold price displayed a notable upswing in the preceding session, edging closer to our anticipated target at $1,977.25. Subsequently, a mild retracement occurred, testing the EMA50, influenced by a negative stochastic momentum.

Nevertheless, we maintain a positive outlook and expect a resumption of bullish trades to retest the aforementioned level. Vigilance is essential as the price approaches $1,977.25, as surpassing this level is pivotal in achieving further gains, with the subsequent target set at $2,000.00.

Conversely, a breach of the support at $1,945.20 would halt the envisioned upward movement, redirecting the price towards a corrective bearish trajectory, with potential objectives at $1,929.00 and $1,913.15.

In today's trading, the projected trading range is positioned between the support at $1,945.00 and the resistance at $1,977.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1965

Take Profit – 1955

Stop Loss – 1975

Risk to Reward – 1: 1

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

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