Daily Price Outlook

    The precious metal gold is currently trading with a bearish stance after breaching the critical support level at $1920. The formation of a potential double bottom pattern on the hourly timeframe suggests a potential continuation of the downtrend.

    Presently, a temporary support seems to be forming around the $1915 level, which holds the potential to further drive selling pressure toward the $1900 level.

    Additionally, observing the four-hour timeframe, the 50-day moving average indicates a probable resistance forming around the $1920 level. If gold manages to surpass this level, it may expose the price to the range of $1930 to $1940, where $1930 currently serves as resistance.

    It's worth noting that this level previously acted as support on August 3 and August 4. In the event of increased demand for gold, a breakout above $1930 could propel the price toward $1940 to $1947.

    Conversely, a breach below the recent support level of $1914 might drive the gold price down to the $1900 to $1892 range. Therefore, today's focus lies on the pivotal level of $1912, as a breakout below this point could potentially signal further selling trades.

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

    GOLD(XAU/USD) - Trade Idea

    Entry Price – Sell Below 1912

    Take Profit – 1902

    Stop Loss – 1922

    Risk to Reward – 1: 1

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

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



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