GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The gold price is displaying a more pronounced bearish inclination as it approaches the minor support level at $1929.00. The impending objective is to breach this level, thereby facilitating the achievement of our primary anticipated target positioned at $1913.15.

Consequently, our outlook maintains a bearish trajectory for the upcoming period, influenced by the previously formed double top pattern, in conjunction with the downward pressure exerted by the EMA50. It is important to note that surpassing $1945.20 would nullify the previously mentioned negative configuration, potentially prompting a price attempt to reestablish a bullish trend.

The projected trading range for today is anticipated to fluctuate between the support at $1915.00 and the resistance at $1945.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1940

Take Profit – 1925

Stop Loss – 1950

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100