GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold prices made a significant move by breaking through the critical level at $1,945.20 during yesterday's trading session. This sharp reversal has set the stage for further correctional decline, and our analysis suggests that the price is likely to target $1,929.00 and then $1,913.15 as the next key levels.

In the short term, the downward trend appears to be dominant, with the price forming a Double Top pattern, adding more pressure on the downside and potentially pushing the price towards the $1,905.00 mark. However, it is essential to note that if the price manages to breach the resistance at $1,945.20, it could effectively thwart the negative pressure and pave the way for a potential recovery.

For today's trading, we anticipate the price to move within the range of support at $1,915.00 and resistance at $1,945.00. As per our analysis, the expected trend for today remains bearish.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1936

Take Profit – 1925

Stop Loss – 1945

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1100/ -$900

Profit & Loss Per Micro Lot = +$110/ -$90