Daily Price Outlook
- Gold price shows initial positive movement, eyeing resistance within the bearish channel.
- Stochastic indicator's positive momentum suggests a possible return to the bearish trend, focusing on around $1873.50.
- EMA50's negative influence supports the bearish wave; crossing $1895.00 could lead to higher gains and test $1913.15 resistance.
- Projected trading range: Support at $1873.50, resistance at $1900.00.
- Anticipated trend for today: Bearish sentiment expected to continue.
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 (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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