Daily Price Outlook
- Gold prices have resumed their downward trend, currently hovering near the EMA50 and expecting further declines towards $1,945.20.
- Breaking $1,977.25 could reverse the bearish trend and pave the way for a potential recovery towards the main bullish trend.
- For today's trading, support is expected around $1,935.00, while resistance is projected at $1,970.00.
Gold prices have returned to their downward trajectory after a temporary uptick in recent sessions. The market is now hovering around the EMA50, anticipating further declines with an initial test of $1,945.20.
It's worth noting that a breakthrough at this level would pave the way for a visit to the next correctional level at $1,913.15.
The current positivity in the Stochastic indicator explains the current sideways movement, awaiting a shift to negative momentum that would support the resumption of the expected bearish wave.
However, if the price manages to breach $1,977.25, it would halt the correctional bearish trend and potentially set the stage for a recovery towards the main bullish trend.
In terms of today's expected trading range, support is anticipated around $1,935.00, while resistance is projected at $1,970.00.
GOLD Price Chart – Source: Tradingview
GOLD (XAU/USD) Trade Idea
Entry Price –– Sell Below 1958
Stop Loss – 1970
Take Profit – 1940
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$1800/ -$1200
Profit & Loss Per Micro Lot = +$180/ -$120
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