GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices show volatility around the EMA50, maintaining a bearish trend with a focus on testing $1,945.20 and potential further decline to $1,913.15.
• The Stochastic indicator signals negativity, supporting the continuation of the bearish wave. A breach above $1,977.25 could indicate a bullish reversal.
• Today’s expected trading range is $1,940.00 to $1,977.00, with an overall bearish trend forecasted.

Gold prices remain volatile around the EMA50, lacking significant movement since yesterday. This maintains the bearish trend intact for the foreseeable future, with a focus on testing the initial level of $1,945.20.

A breakthrough at this level would unlock the path towards the next correctional level at $1,913.15.

The Stochastic indicator continues to provide negative signals, reinforcing the potential for a continued bearish wave. It’s important to note that breaching $1,977.25 would halt the anticipated decline and potentially initiate a bullish reversal.

For today’s trading, the expected range is between support at $1,940.00 and resistance at $1,977.00. The overall trend for the day is expected to be bearish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1964

Stop Loss – 1972

Take Profit – 1949

Risk to Reward – 1: 1.88

Profit & Loss Per Standard Lot = +$1500/ -$800

Profit & Loss Per Micro Lot = +$150/ -$80