GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The gold price exhibited a discernible downward trajectory yesterday, closely approaching the pivotal support level at $1913.15. Influenced by the negative pressure from the EMA50, there are emerging indications suggesting potential further depreciation should it breach this support.

Given the uncertainty, a wait-and-see approach is recommended until there's a clearer stance regarding the $1913.15 benchmark. A breach could intensify the bearish momentum, potentially steering the price towards targets of $1890.00 and subsequently, $1875.00. Conversely, if it sustains above this level, a resurgence targeting $1945.20 in the short term might be anticipated.

For today, the expected trading range is between support at $1900.00 and resistance at $1930.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1915

Take Profit – 1905

Stop Loss – 1920

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1000/ -$500

Profit & Loss Per Micro Lot = +$100/ -$50