Daily Price Outlook
- Gold's price surged strongly, breaching the initial target at $1,929.00, and paving the way for further gains with a next target of $1,945.20.
- The enduring impact of the double bottom pattern continues, enhancing the likelihood of ongoing upward movement. A breach below $1,929.00 could lead to downward pressure, possibly testing the critical intraday support at $1,913.15 before a clear trend direction emerges.
- Today's projected trading range is anticipated between support at $1,925.00 and resistance at $1,950.00, while a prevailing bullish sentiment is expected for the day.
Gold's price experienced a robust upward surge yesterday, resulting in a significant breach of our initial target at $1,929.00. This breakthrough has solidified the path for further gains, with the next primary objective projected at $1,945.20.
The persistent influence of the double bottom pattern remains in effect, bolstering the likelihood of continued upward movement. It's important to highlight that a breach below $1,929.00 would exert downward pressure on the price, potentially leading it towards a crucial intraday support level at $1,913.15, before a definitive trend direction is determined. The projected trading range for today spans from $1,925.00 as the support to $1,950.00 as the resistance.
In terms of the anticipated trend for today, a bullish sentiment is expected to prevail.
GOLD (XAU/USD) - Trade Idea
Entry Price – Sell Below 1938
Take Profit – 1927
Stop Loss – 1946
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$1100/ -$800
Profit & Loss Per Micro Lot = +$110/ -$80
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