Daily Price Outlook
- Gold's recent breach past $1,929.00 and the emergence of the 'inverted head and shoulders' pattern suggest an upward momentum targeting around $1,960.00.
- The bullish trend is expected to prevail, backed by the EMA50's support; however, falling below $1,929.00 could disrupt this positive outlook.
- Today's gold trading is projected to oscillate between a support level of $1,920.00 and a resistance at $1,950.00.
Gold's value successfully surpassed the $1,929.00 threshold, concluding yesterday above this benchmark. A meticulous analysis of the chart indicates the completion of an 'inverted head and shoulders' pattern. This pattern hints at potential upward targets exceeding the $1,945.20 level, aiming for the vicinity of $1,960.00.
Given these dynamics, we anticipate a continuation of the bullish trend in the forthcoming phase, bolstered by the EMA50 underpinning the price trajectory. However, it's worth noting that a breach below the $1,929.00 mark could curtail this anticipated ascent, casting a bearish shadow on the intraday perspective.
For today, we forecast a trading range between the support at $1,920.00 and resistance at $1,950.00.
GOLD (XAU/USD) - Trade Idea
Entry Price – Sell Limit 1935
Take Profit – 1925
Stop Loss – 1942
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$1000/ -$700
Profit & Loss Per Micro Lot = +$100/ -$70
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