GOLD Price Analysis and Trade Forecast: Daily Trading Signal

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 (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