Daily Price Outlook
- Gold price reached $1885.00 in the previous session, signaling a persistent bearish trend, targeting $1873.50.
- The ongoing bearish wave remains confined within a structured channel, supported by EMA50.
- A breach above $1900.00 could lead to testing the key resistance at $1913.15 before a potential renewed decline. Today's trading expected between $1873.50 support and $1905.00 resistance.
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(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
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