Daily Price Outlook

    The closing of the gold price yesterday displayed a marked downtrend, decisively falling past the $1,929.00 threshold and underscoring the daily candlestick's settlement below it. This bolsters the anticipation of an enduring bearish trajectory, targeting a prominent level at $1,913.15.

    The present optimistic inclination of the Stochastic indicator alludes to prospective affirmative trades at today's market commencement. On the flip side, the enduring bearish thrust imposed by the EMA50 emphasizes the probability of sustained bearish trends in the near future.

    In summary, our evaluation tilts towards a dominant bearish outlook, driven by the conspicuous double top pattern depicted on the chart. This perspective will undergo reevaluation if the price successfully eclipses the $1,945.20 mark and retains its stature above that benchmark. The forecasted trading range for today is anticipated to hover between a floor of $1,915.00 and a ceiling of $1,945.00.

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

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Buy Above 1928

    Take Profit – 1940

    Stop Loss – 1920

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$1200/ -$800

    Profit & Loss Per Micro Lot = +$120/ -$80



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