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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