Daily Price Outlook

    The gold price has exhibited initial positive movement from today's opening, positioning itself for an anticipated examination of the resistance within the bearish channel. This trajectory is influenced by the current positive momentum of the stochastic indicator, suggesting a potential resumption of the bearish trend, with its next focal point projected around the $1873.50 mark.

    The prevailing negative influence originating from the EMA50 reinforces the projected bearish wave. It's worth noting that, should the price manage to surpass the $1895.00 threshold, this could trigger additional upward momentum, potentially leading to a test of the noteworthy resistance at $1913.15, prior to any subsequent attempts at decline. The anticipated trading range for the day spans between the support at $1873.50 and the resistance at $1900.00.

    In terms of the expected trend for today, a bearish sentiment is anticipated to persist.

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

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Sell Below 1893

    Take Profit – 1882

    Stop Loss – 1898

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$1100/ -$500

    Profit & Loss Per Micro Lot = +$110/ -$50



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