GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold prices have recently engaged the crucial resistance level at $1945.20, yet have managed to maintain their stability below this level. This threshold acts as a significant obstacle to positive price fluctuations.

Notably, the Stochastic Oscillator indicates evident overbought conditions at present, which may potentially trigger a return to the anticipated intraday bearish wave, targeting the next level at $1913.15.

The 50-day Exponential Moving Average (EMA50) reinforces the likelihood of the projected bearish trend, a prediction that will stand as long as the price sustains below the $1945.20 level.

It should be noted that a breakthrough of the proposed target might instigate further losses for the price, potentially driving it towards $1893.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1940

Take Profit – 1925

Stop Loss – 1955

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1500/ -$1500

Profit & Loss Per Micro Lot = +$150/ -$150