Daily Price Outlook
- Gold prices closed below the $1945.20 level, indicating a potential continuation of the bearish trend towards the target of $1913.15.
- Temporary upward movement may occur due to positivity in the Stochastic indicator, but a resumption of the negative price action is expected towards the target.
- The trading range for today is expected to be between the support level of $1930.00 and the resistance level of $1960.00.
Gold prices concluded the previous daily candlestick below the $1945.20 level, indicating the potential continuation of the ongoing corrective bearish trend in the short-term and intraday perspectives. This suggests a possible move towards our next target at $1913.15.
Although there is some temporary upward movement due to the current positivity in the Stochastic indicator, we anticipate a resumption of the negative price action towards the aforementioned target.
It is important to note that if there is consolidation above $1945.20, the price may experience intraday gains and test the levels of $1963.00 and possibly extend to $1977.25 before any renewed attempt to decline.
The expected trading range for today is anticipated to be between the support level of $1930.00 and the resistance level of $1960.00.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) Trade Ideas
Entry Price – Buy Above 1940
Stop Loss – 1930
Take Profit – 1955
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$1500/ -$1000
Profit & Loss Per Micro Lot = +$150/ -$100
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