GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold closed below the $1960.00 level, suggesting increased negative pressure and a potential target of $1925.35 in upcoming sessions.
- A bearish bias is expected today, with support from trading below the EMA50. Breaking above $1960.00 could reestablish a bullish trend with a target of $2000.00.
- The projected trading range for today is between $1925.00 support and $1965.00 resistance. The overall trend forecast is bearish.
The price of gold closed below the $1960.00 level yesterday, indicating a potential increase in negative pressure in the upcoming sessions as it heads towards the target level of $1925.35.
Consequently, a bearish bias is anticipated for today, supported by trading below the EMA50. However, if the price manages to break above the $1960.00 level and hold above it, it could reactivate the bullish trend scenario with the next target set at $2000.00.
The projected trading range for today is expected to be between the support level of $1925.00 and the resistance level of $1965.00. Overall, the forecasted trend for today is bearish.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) Trade Idea
Entry Price – Buy Limit 1960
Stop Loss – 1950
Take Profit – 1980
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$2000/ -$1000
Profit & Loss Per Micro Lot = +$200/ -$100
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