GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The gold price came very close to reaching our anticipated target at $1,913.15. It commenced today with a slightly bullish inclination, influenced by the positive movement of the stochastic indicator. We are anticipating a reversal in momentum that will contribute to breaking the mentioned level, thereby paving the way for achieving further downward targets, reaching as low as $1,892.00.

The EMA50 indicator is consistently exerting downward pressure, reinforcing the likelihood of the bearish trend persisting in the upcoming trading sessions. It's important to note that a failure to breach the $1,913.15 level would result in the price embarking on recovery efforts, potentially leading to gains starting with a test of the $1,929.00 level, followed by the $1,945.20 level.

The projected trading range for today is expected to be between the support level of $1,900.00 and the resistance level of $1,930.00.Overall, the prevailing trend for today is anticipated to be bearish.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1914

Take Profit – 1925

Stop Loss – 1906

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1100/ -$800

Profit & Loss Per Micro Lot = +$110/ -$80