Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Sep 7, 20231 min
Signal 2023 05 25 122622 002

Daily Price Outlook

    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 Price Chart – Source: Tradingview
    GOLD Price Chart – Source: Tradingview

    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

    Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

    GOLD

    JOIN LONGHORNFX TODAY

    24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.

    OPEN A NEW ACCOUNT