Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Aug 28, 20231 min
Signal 2023 05 25 122622 002

Daily Price Outlook

    Gold prices made an effort to surpass the $1913.15 mark, yet concluded last Friday's session above this threshold. This sustains our optimistic forecast, bolstered by the positive trajectory indicated by the stochastic, as well as the upward pressure provided by the EMA50. Our projected price milestones commence at $1929.00, extending up to $1945.20.

    Conversely, it's pivotal to highlight that a dip below the $1913.15 mark could disrupt this bullish outlook, steering the price towards a renewed downtrend.

    For today, the anticipated price fluctuation is predicted to oscillate between a support of $1900.00 and a resistance of $1935.00.

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

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Buy Above 1914

    Take Profit – 1930

    Stop Loss – 1905

    Risk to Reward – 1: 1.7

    Profit & Loss Per Standard Lot = +$1600/ -$900

    Profit & Loss Per Micro Lot = +$160/ -$90

    Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

    GOLD

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