GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The gold price maintains its position below $1,913.15, in anticipation of factors that could reinforce the price's trajectory towards the projected downward trend for the day. This inclination is influenced by the previously established head and shoulders pattern. It's worth noting that our projected targets commence at $1,890.00 and may reach down to $1,873.50.

The 50-day Exponential Moving Average (EMA50) backs the forecasted bearish movement, which will persist as the dominant prediction unless there's a breach surpassing the $1,913.15 mark, further solidified if it surpasses $1,916.80 and sustains above these thresholds.

Today's anticipated trading bandwidth is set between a support level of $1,875.00 and a resistance level 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