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

    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



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