Daily Price Outlook
- Gold's current market dynamics highlight a notable downturn, with the metal successfully reaching the significant mark of $1892.00.
- The prevailing bearish sentiment is bolstered by the 50-Day Exponential Moving Average (EMA50).
- Today's trading forecast for gold positions it between a support of $1875.00 and a resistance at $1905.00.
In a comprehensive assessment of gold's market trajectory, the precious metal has demonstrated a pronounced downturn, successfully reaching our initial anticipated benchmark at $1892.00. Currently, gold is exerting pressure on this level, aiming to validate its break beneath it. This augments the likelihood of persisting in a bearish trend, with potential descent aiming towards the subsequent target of $1873.50.
In light of these dynamics, our outlook remains bearish for the foreseeable horizon, underscored by the downward impetus provided by the 50-Day Exponential Moving Average (EMA50). It is paramount to observe that any breach of the $1905.00 level, succeeded by the $1913.15 benchmark, would arrest the anticipated decline, potentially pivoting the metal's trajectory towards an ascent.
For the day's trading landscape, we project gold's valuation to oscillate between a support threshold of $1875.00 and a resistance cap of $1905.00.
GOLD(XAU/USD) - Trade Idea
Entry Price – Sell Below 1897
Take Profit – 1885
Stop Loss – 1906
Risk to Reward – 1: 1.33
Profit & Loss Per Standard Lot = +$1200/ -$900
Profit & Loss Per Micro Lot = +$120/ -$90
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