Daily Price Outlook
- Gold begins with a bearish disposition, dropping below the $1,913.15 benchmark.
- Potential for recovery exists if the price stays above $1,913.15, targeting a rise to $1,929.00.
- Today's trading range is forecasted between $1,890.00 (support) and $1,925.00 (resistance).
Gold opened with a bearish trend today, falling below the $1,913.15 mark, which was further emphasized by the candlestick's closure over the last four hours beneath this threshold. This confirms the anticipated bearish momentum in both short-term and intraday contexts, setting sights on further declines potentially reaching $1,892.00 and further down to $1,873.50.
This downward trajectory remains robust, underscored by the negative influence of the EMA50. However, it's essential to note that if the gold price doesn't maintain its position below $1,913.15, we might witness recovery efforts targeting the $1,929.00 level before any renewed downturn. Today's projected trading spectrum ranges from a support level of $1,890.00 to a resistance at $1,925.00.
GOLD(XAU/USD) - Trade Idea
Entry Price – Sell Below 1915
Take Profit – 1905
Stop Loss – 1922
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$1000/ -$700
Profit & Loss Per Micro Lot = +$100/ -$70
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