Daily Price Outlook
- Gold is showing slight bullish sentiment around the $1,962 level after failing to break through $1,970 resistance.
- A reversal from the $1,975 level indicates weakening bullish bias and potential dominance by sellers.
- Immediate support is around $1,956, with further targets at $1,950, $1,940, or $1,936. Breaking above $1,970 may lead to targets around $1,985 or $1,995.
The price of the precious metal gold is currently showing slight bullish sentiment around the $1,962 level after failing to break through the resistance at $1,970. While it briefly reached the $1,975 level on the four-hour timeframe, it reversed and fell below $1,970, settling around $1,965.
This indicates a weakening bullish bias and the potential for sellers to gain dominance, leading to a decline in the price of gold.
On the downside, gold has immediate support around $1,956, and a break below this level could push the price towards $1,950. Further bearish movement may expose the next support levels at $1,940 or $1,936.
Conversely, if gold manages to break above the $1,970 level and close above it, the next target levels could be around $1,985 or $1,995.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) Trade Idea
Entry Price – Sell Below 1965
Stop Loss – 1980
Take Profit – 1944
Risk to Reward – 1 : 1.40
Profit & Loss Per Standard Lot = +$2100/ -$1500
Profit & Loss Per Micro Lot = +$210/ -$150
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