Daily Price Outlook
- Gold price hits the expected target of $1,945.20, currently stabilizing around this level.
- Focus on establishing support above $1,945.20 for further short-term and intraday upward movement.
- Positive milestones ahead at $1,960.00 and extending to $1,977.25; continued bullish outlook driven by completed double bottom pattern.
The gold price has effectively reached our anticipated target at $1,945.20 and is presently positioned around this level. It is making efforts to establish a supportive foundation above this mark, with the aim of utilizing it as a pivot for further upward movement in the short-term and intraday perspectives. It is noteworthy that our subsequent positive milestones initiate at $1,960.00, extending onwards to $1,977.25.
Consequently, our outlook remains inclined towards a bullish trajectory in the near future, influenced by the completion of the earlier observed double bottom pattern. It's important to acknowledge that any failure to surpass the $1,945.20 threshold could interrupt the bullish momentum, potentially leading to a downward correction towards $1,929.00 as the initial target, prior to any potential renewed attempt at an upward surge.
GOLD (XAU/USD) - Trade Idea
Entry Price – Buy Stop 1951
Take Profit – 1970
Stop Loss – 1935
Risk to Reward – 1: 1.19
Profit & Loss Per Standard Lot = +$1900/ -$1600
Profit & Loss Per Micro Lot = +$190/ -$160
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