Daily Price Outlook
- Gold price sees a significant drop, breaking the $1,913.15 mark, leading to bearish tendencies with a possible descent to as low as $1,873.50.
- Bearish momentum is bolstered by the EMA50 and the visible double top pattern; however, surpassing $1,913.15 could hint at brief recoveries.
- Expected trading for the day ranges between the $1,885.00 support and the $1,915.00 resistance levels.
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(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
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