Daily Price Outlook
- Gold's upward trend is highlighted by the 'double bottom' pattern, suggesting a strong bullish outlook with a near-term target of $1,929, potentially extending to $1,945.20.
- The 50-day Exponential Moving Average (EMA50) offers consistent support, reinforcing the current bullish sentiment.
- A potential vulnerability exists: if the price drops below $1,913.15, it may reverse the bullish trend, with today's expected price range between $1,913 and $1,945.
Gold's valuation demonstrates a pronounced upward momentum, inching closer to our initial projected target of $1,929. Upon closer examination of the trendlines, we observe the formation of a 'double bottom' pattern, which typically serves as a robust bullish signal. This lends significant weight to the likelihood of the price not just reaching, but potentially eclipsing the aforementioned target, setting its sights directly on the subsequent goal of $1,945.20.
Given the current market dynamics and the supportive role of the 50-day Exponential Moving Average (EMA50) - which consistently underpins the price - we maintain an optimistic forecast for gold in the near term. However, it's worth noting that any dip below the $1,913.15 threshold could derail this bullish trajectory, pivoting the market sentiment towards a potential decline. For the day, we anticipate the price to fluctuate between a support level of $1,913 and a resistance cap at $1,945.
GOLD (XAU/USD) - Trade Idea
Entry Price – Buy Above 1920
Take Profit – 1930
Stop Loss – 1912
Risk to Reward – 1: 1.25
Profit & Loss Per Standard Lot = +$1600/ -$800
Profit & Loss Per Micro Lot = +$100/ -$80
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