Daily Price Outlook
- Gold's price faces resistance at $1,929.00, displaying potential for a bearish reversal despite a current bullish trend.
- Stochastic indicators suggest renewed positive momentum, with a potential push towards a target of $1,945.20.
- Price fluctuations expected today between support at $1,913.00 and resistance at $1,940.00, with a downside risk if it drops below $1,919.80.
Gold's price, currently hovering around $1,929.00, struggles to maintain a consistent breach of this level, showcasing a bearish pullback that leans on the intraday bullish trend line evident on the chart. Concurrently, the stochastic indicator is hinting at renewed positive momentum, potentially propelling the gold price to resume its upward trajectory and possibly exceed the aforementioned level, aiming for a subsequent primary target at $1,945.20.
In light of these observations, we anticipate a continuation of the bullish trend in the near term. However, it's essential to recognize that a breach below the $1,919.80 level, followed by a decline to $1,913.15, could deter the anticipated upward movement, pivoting the gold price towards a downtrend. For today, we project the gold price to oscillate between a support level of $1,913.00 and a resistance at $1,940.00.
GOLD (XAU/USD) - Trade Idea
Entry Price – Sell Below 1925
Take Profit – 1915
Stop Loss – 1930
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$1000/ -$500
Profit & Loss Per Micro Lot = +$100/ -$50
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