Daily Price Outlook

    The price of gold experienced a notable decline upon encountering a robust resistance at $1,929.00. However, today's market opening indicates an upward trajectory, as the commodity seeks to resume its optimistic inclinations. A successful breach of the aforementioned resistance would pave the way for an ascent towards a primary target of $1,945.20.

    Given these dynamics, our projection maintains a bullish orientation for the foreseeable future. The stochastic oscillator is poised for a favorable convergence, which further accentuates the optimistic outlook. It's essential to highlight that a breach below $1,913.15 would negate this bullish sentiment, potentially initiating a downward reversal in price. For today's trading, we anticipate gold to fluctuate within a range bounded by a support at $1,913.00 and resistance at $1,940.00.

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

    GOLD (XAU/USD) - Trade Idea 

    Entry Price – Buy Above 1924

    Take Profit – 1934

    Stop Loss – 1915

    Risk to Reward – 1: 1.1

    Profit & Loss Per Standard Lot = +$1000/ -$900

    Profit & Loss Per Micro Lot = +$100/ -$90



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