Daily Price Outlook
- Gold encounters resistance at $1,945.20, exhibiting a bearish turn and descending below the $1,938.50 level, emphasized by a double top pattern.
- Immediate bearish targets loom at $1,929.00, with potential sights set on $1,913.15.
- Today's trading range is anchored between support at $1,920.00 and resistance at $1,945.00, with potential for bullish resurgence if $1,945.20 is surpassed.
The gold price faced resistance at the $1,945.20 threshold, subsequently pivoting to a bearish trajectory and descending past the $1,938.50 marker. This sets the stage for anticipated downward dynamics in ensuing sessions. This movement is underscored by the manifestation of a double top formation, indicating bearish objectives, initially targeting the $1,929.00 mark. A breach here could set sights on a primary target at $1,913.15.
Given this context, a bearish inclination is projected for today. However, it's crucial to note that a successful move beyond $1,945.20 could reinvigorate the bullish trend, steering the precious metal toward $1,960.00 as a subsequent focal point. The anticipated trading band for today spans a support level of $1,920.00 and a resistance at $1,945.00.
GOLD (XAU/USD) - Trade Idea
Entry Price – Sell Stop 1933
Take Profit – 1920
Stop Loss – 1945
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$1300/ -$1200
Profit & Loss Per Micro Lot = +$130/ -$120
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