Daily Price Outlook
- Gold prices are nearing the key target of $1,913.15, with potential to decline towards $1,890.00.
- Bearish momentum is evident, influenced by the EMA50; yet, surpassing $1,929.00 could spur an intraday recovery.
- Expected trading boundaries for the day are set between $1,900.00 (support) and $1,930.00 (resistance).
Gold prices have distinctly retraced, approaching the anticipated primary target level at $1,913.15. Current indicators suggest an ongoing decline, potentially reaching the vicinity of $1,890.00, especially after surpassing the preceding benchmark.
Given this backdrop, we project a bearish trajectory in the near future, further underscored by the downward pressure exerted by the EMA50. It's imperative to highlight, however, that any breach above the $1,929.00 mark could halt the anticipated downtrend and prompt an intraday price recovery attempt.
Today's projected trading range lies between a support at $1,900.00 and a resistance at $1,930.00.
GOLD (XAU/USD) - Trade Idea
Entry Price – Buy Above 1915
Take Profit – 1924
Stop Loss – 1909
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$900/ -$600
Profit & Loss Per Micro Lot = +$90/ -$60
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