Daily Price Outlook

  • Gold shows a slight bullish bias, trading around $1,948, after finding support at the $1,940 level.
  • The bullish crossover in the DMA Series indicator and Gold crossing above the 50-day EMA supports a positive outlook.
  • Long positions might be considered if Gold secures closures above the 50-day EMA, targeting resistance levels at $1,960 or $1,965. If Gold breaks the $1,965 level, the next target could be around $1,975 or $1,984.

Good morning everyone, Gold, the precious metal, currently demonstrates a slight bullish bias after finding substantial support around the $1,940 mark. As it currently trades around the $1,948 level, a bullish candlestick pattern has formed and the subsequent candlestick also indicates bullish tendencies, implying that buyers are currently controlling the market.

Furthermore, the DMA Series indicator has started forming histograms above zero and has completed a bullish crossover, which adds to the optimistic outlook for Gold. In the four-hour timeframe, Gold has managed to cross above the 50-day exponential moving average (EMA) that was previously providing resistance at the $1,945 level.

If Gold manages to secure candle closures above the 50-day EMA, we may see an opportunity to take a long position, targeting the next resistance levels of $1,960 or $1,965. If the robust support continues to hold at the $1,940 level and this level is breached, the next support could be found around the $1,927.11 mark.

Alternatively, if Gold breaks through the $1,965 level, the next target could potentially be around $1,975 or $1,984.

GOLD GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1941

Stop Loss – 1928

Take Profit – 1963

Risk to Reward – 1: 1.70

Profit & Loss Per Standard Lot = +$2200/ -$1300

Profit & Loss Per Micro Lot = +$220/ -$130



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