GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold shows a slight bullish bias after rebounding from the key support level at $1940.
• A descending trendline near $1965 could pose as a significant resistance level.
• Key levels to watch are $1950 for potential upside continuation and $1940 for strong support.

The precious metal gold is currently trading with a slight bullish bias after rebounding above the key support level of $1940. This level has proven to act as a reliable support, aligning with our previous forecast.

Currently, there is a descending trendline that could provide significant resistance around the $1965 level. If gold manages to break above this level, the next immediate resistance is likely to be encountered at $1971.

Conversely, if gold slips below the $1970 level, the next target could be the resistance level at $1984. Looking at our technical indicators, both the RSI and MACD indicators and the 50-day exponential moving average suggest potential bullish continuation.

It is important to monitor the $1950 level as a possible breakout could lead to further upward movement. On the downside, strong support is expected around the $1950 level, while the major support level is at $1940.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1954

Stop Loss – 1930

Take Profit – 1989

Risk to Reward – 1 : 1.46

Profit & Loss Per Standard Lot = +$3500/ -$2400

Profit & Loss Per Micro Lot = +$350/ -$240