Daily Price Outlook

    The gold price has decisively breached the $1,913.15 level, as evidenced by the daily candlestick's close below this mark. This move has initiated bearish trades, applying pressure towards the $1,900.00 threshold. A further decline is anticipated, with primary targets pinpointed at $1,892.00, and possibly reaching as low as $1,873.50.

    The current market sentiment leans towards an ongoing bearish trend in the near term, reinforced by the negative sway of the EMA50 and further highlighted by the manifestation of a double top pattern on the chart. Importantly, any rally beyond the $1,913.15 mark might counteract the present bearish pull and pave the way for short-lived recovery maneuvers.

    Today's trading dynamics are forecasted to fluctuate between a support level set at $1,885.00 and resistance situated at $1,915.00.

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

    GOLD(XAU/USD) - Trade Idea

    Entry Price – Sell Stop 1902

    Take Profit – 1893

    Stop Loss – 1910

    Risk to Reward – 1: 1.13

    Profit & Loss Per Standard Lot = +$900/ -$800

    Profit & Loss Per Micro Lot = +$90/ -$80



    24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.