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

    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



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