GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Following a significant downturn, the price of gold narrowly missed our anticipated target at $1,913.15 yesterday. However, a subsequent robust rebound was observed, indicating the initiation of a potential bullish trajectory. Our primary projection for this upward momentum is a retest of the $1,929.00 level. A breach of this threshold could further elevate the price to our next major target of $1,945.20.

Given the current data, we anticipate a bullish trend for today, a sentiment reinforced by the present positivity of the stochastic indicator. It's crucial to note that any decline below the $1,913.15 mark would nullify the projected ascent and potentially usher in more immediate losses. For today, we forecast a trading range with support at $1,910.00 and resistance at $1,940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Stop 1927

Take Profit – 1936

Stop Loss – 1920

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$900/ -$700

Profit & Loss Per Micro Lot = +$90/ -$70