Daily Price Outlook

    The gold price continues its downward momentum, approaching the anticipated extended target of $1809.35. Market analysts foresee this bearish trend surpassing this benchmark, potentially advancing towards the $1765.20 mark.

    Given the prevailing circumstances, the bearish outlook is poised to dominate the near-term landscape, underscored by the downward influence of the EMA50. It's imperative to highlight that any breakthrough above $1838.35 could disrupt this declining trend, ushering in potential intraday recovery efforts. For today's trading, the gold price is projected to oscillate between a support level of $1795.00 and a resistance point of $1830.00.

    GOLD Price Chart – Source: Tradingview
    GOLD Price Chart – Source: Tradingview

    GOLD(XAU/USD) - Trade Idea

    Entry Price – Buy Above 1814

    Take Profit – 1842

    Stop Loss – 1800

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$2800/ -$1400

    Profit & Loss Per Micro Lot = +$280/ -$140

    GOLD

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