Daily Price Outlook
- Gold price faced robust resistance from EMA50, leading to a quick downward rebound and a subsequent test of vital support at $1889.35.
- Price consolidation above this level resulted in a bullish rally, aiming to restore the expected upward momentum on breaching $1897.00 for continuation towards the primary target of $1913.15.
- Maintaining a level above $1889.35 is crucial to sustain anticipated upward movement, while a projected trading range spans from $1885.00 support to $1913.15 resistance.
The price of gold encountered substantial resistance from the EMA50, prompting a swift downward rebound and a subsequent test of the crucial support level at $1889.35. Notably, the price managed to consolidate above this level, leading to a bullish rally as it attempts to reestablish the anticipated upward momentum in the intraday context. The confirmation of this positive scenario hinges on the breach of $1897.00, a move that would signal the continuation of the ascent towards our primary target at $1913.15.
Given these conditions, we maintain our outlook for a bullish trend in the coming period, supported by the current favorable overlapping signal from the stochastic indicator. It is imperative to maintain a level above $1889.35 to sustain the anticipated upward movement.
The projected trading range for today is forecasted to span between the support at $1885.00 and the resistance at $1913.15.
GOLD (XAU/USD) - Trade Idea
Entry Price – Buy Above 1899
Take Profit – 1908
Stop Loss – 1892
Risk to Reward – 1: 1.29
Profit & Loss Per Standard Lot = +$900/ -$700
Profit & Loss Per Micro Lot = +$90/ -$70
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