GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The price of gold has successfully breached the resistance of the bearish channel, establishing itself above this level and setting the stage for a bullish trajectory in the intraday scope. The focus of this bullish movement is directed towards the initial primary target at $1913.15. It's noteworthy that surpassing this level would signify the continuation of the upward trend, leading to further gains and potentially reaching the levels of $1929.00 and subsequently $1945.20.

Consequently, the prevailing sentiment points towards a bullish trend for today's trading session. A breach of the support level at $1897.00 would facilitate the accomplishment of the aforementioned targets, while breaking below $1889.35 would introduce a negative aspect, prompting the price to revert to a bearish course once again. The projected trading range for today is anticipated to fall between the support level at $1885.00 and the resistance level at $1913.15.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1894

Take Profit – 1902

Stop Loss – 1889

Risk to Reward – 1: 6

Profit & Loss Per Standard Lot = +$800/ -$500

Profit & Loss Per Micro Lot = +$80/ -$50