Daily Price Outlook
- Gold remains below $1,913.15, influenced by the head and shoulders pattern, with targets ranging from $1,890.00 to $1,873.50.
- The 50-day EMA supports the bearish forecast, which stands unless there's a rise above the $1,913.15 to $1,916.80 range.
- Today's trading range is anticipated between $1,875.00 (support) and $1,920.00 (resistance).
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
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