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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