Daily Price Outlook

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

    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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