Daily Price Outlook
- Gold price has notably fallen below the $1,913.15 benchmark, indicating a bearish trend with an imminent target at $1,890.00.
- A "head and shoulders" pattern on the chart suggests further potential declines, possibly reaching as low as $1,873.50.
- Should gold surpass $1,913.15 and $1,916.80, this could counter the current bearish perspective, with today's price expected to fluctuate between $1,875.00 (support) and $1,920.00 (resistance).
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
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