Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Aug 19, 20231 min
Signal 2023 05 25 122622 002

Daily Price Outlook

    The gold price continued its downward movement in the previous session, reaching the level of $1885.00. This reinforces the prevailing outlook of a persistent bearish trend, with the subsequent target positioned at $1873.50.

    The ongoing bearish wave remains well-defined within a structured bearish channel, consistently upheld by the EMA50. It's noteworthy that a breach above the $1900.00 level would prompt a test of the significant resistance at $1913.15, preceding any potential renewed decline.

    Anticipated trading activity for the present day is projected to fluctuate within the range of support at $1873.50 and resistance at $1905.00.

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

    GOLD(XAU/USD) - Trade Idea

    Entry Price – Sell Below 1894

    Take Profit – 1877

    Stop Loss – 1904

    Risk to Reward – 1: 1.7

    Profit & Loss Per Standard Lot = +$1700/ -$1000

    Profit & Loss Per Micro Lot = +$170/ -$100

    Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

    GOLD

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