GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices ended yesterday with a clear decline, breaking below $1,945.20 and confirming the bearish trend.
• To reverse the current negative pressure, gold would need to surpass $1,945.20 and $1,958.40 levels, potentially shifting towards a bullish trend.
• The expected trading range for today is between the support level at $1,915.00 and the resistance level at $1,950.00.

Gold prices ended on a sour note yesterday, breaking below the level of $1,945.20 and settling below it once again. This reinforces the expectation of a continued bearish trend in the upcoming sessions, with the potential for the price to target our next downside objective at $1,913.15.

The bearish channel remains in control, orchestrating the anticipated downward movement and finding steady support from the EMA50 indicator.

It’s worth noting that if gold manages to break above the levels of $1,945.20 and $1,958.40, it could alleviate the current selling pressure and set the stage for a potential attempt to regain the primary bullish trend.

In terms of trading expectations for today, the anticipated range is between the support level at $1,915.00 and the resistance level at $1,950.00. Traders will be keeping a close eye on these levels to gauge the price action in the market.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price –1950

Take Profit – 1923

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1400/ -$1300

Profit & Loss Per Micro Lot = +$140/ -$130