Daily Price Outlook
- Gold exhibits a bullish resurgence, approaching the $1,945.20 mark after rebounding from a recent low at $1,935.
- A double bottom pattern and support from the EMA50 fortify the optimistic outlook, with targets pointing to $1,960 and potentially $1,977.25.
- While bullish sentiment prevails, a failure to maintain above $1,945.20 might hinder momentum, setting the day's range between $1,935 support and $1,965 resistance.
Having reached a temporary trough near the $1,935 mark, gold has exhibited a marked uptick in recent trading, making a notable push towards the $1,945.20 threshold. This upward trajectory suggests a revival of the primary bullish momentum, a sentiment further buoyed by the recently observed double bottom pattern. This paves the way for potential ascents, with initial targets set at $1,960, potentially extending to $1,977.25.
Given these dynamics, the prevailing sentiment leans towards a bullish disposition for the day's trading. This stance finds reinforcement in the EMA50's underpinning of the price trajectory. However, it's imperative to note that any inability to sustain levels above $1,945.20 could stall the bullish momentum, leading to potential intraday retracements. For the day, the anticipated trading span is delineated by a support level at $1,935 and resistance at $1,965.
GOLD(XAU/USD) - Trade Idea
Entry Price – Buy Limit 1943
Take Profit – 1957
Stop Loss – 1933
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$1400/ -$1000
Profit & Loss Per Micro Lot = +$140/ -$100
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