Daily Price Outlook
- Gold price experienced a notable decline, closing below the $1,929.00 mark, suggesting a continued bearish trend aiming at $1,913.15.
- The Stochastic indicator signals potential positive trades, while the EMA50 points towards persistent bearish momentum.
- Current analysis leans bearish due to a distinct double top pattern, with a crucial reevaluation point at the $1,945.20 level.
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 (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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