GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The gold price has stabilized at the $1873.50 mark following a pronounced downturn experienced the previous day. It's anticipated that should this level be breached, we could see further downward momentum targeting the $1860.00 mark, followed by the $1845.00 threshold.

Given this context, a bearish trajectory is projected for the near term. However, it's pivotal to note that any inability to move below the $1873.50 level could curtail this decline, potentially initiating a bullish adjustment with objectives set at the $1890.00 and subsequently the $1900.00 marks.

For today, the anticipateThe gold price has stabilized at the $1873.50 mark following a pronounced downturn experienced the previous day. It's anticipated that should this level be breached, we could see further downward momentum targeting the $1860.00 mark, followed by the $1845.00 threshold.

Given this context, a bearish trajectory is projected for the near term. However, it's pivotal to note that any inability to move below the $1873.50 level could curtail this decline, potentially initiating a bullish adjustment with objectives set at the $1890.00 and subsequently the $1900.00 marks.

For today, the anticipated trading range is delineated between a support at $1855.00 and a resistance at $1890.00.d trading range is delineated between a support at $1855.00 and a resistance at $1890.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1872

Take Profit – 1893

Stop Loss – 1862

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1200/ -$1000

Profit & Loss Per Micro Lot = +$120/ -$100