GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold experienced a downward movement, finding support around $1,936.
• Resistance is expected around $1,955, with a possibility of further upside towards $1,965.
• Core durable goods orders and UoM consumer sentiment from the US economy are important factors to monitor for gold’s price action.

On Friday, the precious metal gold experienced a downward movement, finding support around the $1,936 level. Analyzing the 4-hourly timeframe, it appears that gold may see a bullish trend following the formation of a doji candlestick pattern. Additionally, an engulfing candlestick pattern indicates weakening of the bearish sentiment and a potential shift towards a bullish sentiment.

The immediate resistance for gold is expected to be around the $1,955 level. If there is an increased demand for precious metals, gold has the potential to break through the $1,955 level and target the next resistance at $1,965. On the downside, support for gold is seen around the $1,935 level, and a break below this level could lead to a further decline towards $1,919.

It is important to monitor the core durable goods orders and the UoM consumer sentiment from the US economy, as these factors could impact the price action of gold and the US dollar.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) - Trade Idea

Entry Price – Buy Above 1945

Stop Loss – 1935

Take Profit – 1960

Risk to Reward – 1 : 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100