GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold prices have successfully hit our initial target at $1,945.20 and are currently holding steady at that level. We are waiting for a break below this level to confirm the continuation of the downward correction towards our next target at $1,913.15.

The bearish trend remains in focus, especially as the price is currently trading below the EMA50.

While there might be some temporary sideways movement due to Stochastic positivity, we anticipate the resumption of the expected negative trades.

It’s worth noting that if the price manages to break above $1,955.00, we might see a short-term rise towards testing the key resistance level at $1,977.25, but this would be followed by another attempt to decline.

For today, we expect the trading range to be between support at $1,930.00 and resistance at $1,965.00.

Let’s see if gold can break through and continue its bearish dance towards our next target!

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price –1958

Take Profit – 1940

Stop Loss – 1970

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1800/ -$1200

Profit & Loss Per Micro Lot = +$180/ -$120