Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 16, 20231 min
Signal 2023 05 25 122622 002

Daily Price Outlook

  • Gold prices approach resistance in bearish channel, potential for bearish rebound.
  • Confirmation of bearish scenario if gold breaks below $1,945.20, targeting $1,913.15.
  • Bearish outlook maintained, but consolidation above $1,956.50 may lead to short-term gains and test resistance at $1,977.25.

Gold prices are currently hovering near the resistance of a correctional bearish channel. Stochastic indicators show signs of overbought conditions, indicating a potential negative shift in momentum.

This could lead to a bearish rebound and continuation of the overall downtrend. Breaking below the $1,945.20 level would confirm the bearish scenario, with the next target around $1,913.15.

Considering this, our outlook remains bearish for the foreseeable future. However, if gold consolidates above $1,956.50, it could experience short-term gains and test a significant resistance level at $1,977.25 before any potential decline.

Today’s expected trading range is between $1,935.00 support and $1,970.00 resistance.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1960

Stop Loss – 1975

Take Profit – 1945

Risk to Reward – 1 : 1

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

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

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GOLD

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