GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The gold price has decisively breached the $1,913.15 mark, evidenced by its closure below this level yesterday and has embarked on a downward trajectory today. Its next anticipated target stands at $1,890.00. The chart manifests a "head and shoulders" pattern, signaling potential further drops with subsequent goals pinpointed at $1,873.50.

In light of this, we anticipate continued declines in the forthcoming sessions. However, it's pivotal to note that if the gold price surpasses the $1,913.15 and subsequently the $1,916.80 thresholds, this could negate the bearish outlook, prompting a potential intraday recovery. For today, we foresee the gold price oscillating between a support level of $1,875.00 and a resistance barrier at $1,920.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1912

Take Profit – 1905

Stop Loss – 1917

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$700/ -$500

Profit & Loss Per Micro Lot = +$70/ -$50