Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 13, 20232 min
Signal 2023 05 25 122622 002

Daily Price Outlook

  • Gold is currently in a bullish trend, bouncing off the $1950 support level and trading around $1963.
  • A symmetrical triangle pattern has formed on the four-hour timeframe, with support at $1950 and resistance at $1970.
  • A break above $1970 could lead to further upside towards $1985 or higher, while a break below $1952 may result in downside towards support levels around $1938.

Gold is currently experiencing a bullish trend, bouncing off the support level around $1950 and trading around $1963. On the four-hour timeframe, gold has formed a symmetrical triangle pattern, indicating support at $1950 and resistance at $1970.

The metal is consolidating within this range, and a breakout will determine its future price action. If gold breaks above $1970 and closes above this level, it is likely to continue trading on the bullish side, targeting $1985 or higher.

On the other hand, a break below the support level at $1952 could lead to further downside towards the next support levels at around $1938. It is important to monitor this trading range for further price direction.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1955

Stop Loss – 1948

Take Profit – 1970

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1500/ -$700

Profit & Loss Per Micro Lot = +$150/ -$70

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GOLD

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