Daily Price Outlook
- Gold price closed above $1913.15, affirming ongoing bullish momentum and targeting $1929.00 - $1945.20.
- EMA50 support reinforces the active bullish scenario; breach of $1913.15 may lead to renewed decline.
- Today's trading range: support at $1905.00, resistance at $1940.00; outlook remains bullish.
The gold price concluded the previous session above the level of $1913.15, thereby affirming the trajectory for an ongoing bullish momentum and the attainment of fresh positive objectives commencing at $1929.00 and extending to $1945.20. Consequently, the prospects for a bullish trend persist as a valid and active scenario, underpinned by the EMA50's supportive influence from beneath.
It's worth noting that a breach of the $1913.15 threshold could disrupt the anticipated upward movement and potentially trigger a renewed decline. The anticipated trading range for the present day ranges between the support level of $1905.00 and the resistance level of $1940.00. The outlook for today is expected to remain bullish.
GOLD (XAU/USD) - Trade Idea
Entry Price – Buy Above 1915
Take Profit – 1930
Stop Loss – 1909
Risk to Reward – 1: 2.5
Profit & Loss Per Standard Lot = +$1500/ -$600
Profit & Loss Per Micro Lot = +$150/ -$60
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