GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

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