Daily Price Outlook
- Gold prices closed below the $1945.20 level, indicating a continuation of the corrective bearish trend with a target of $1913.15.
- The 50-day Exponential Moving Average (EMA50) is applying downward pressure, suggesting further decline. Breaking the target level may lead to additional losses towards $1873.50.
- If the price breaches $1945.20, it would be a positive signal for potential recovery towards testing the $1977.25 area.
Gold prices closed below the $1945.20 level yesterday, indicating the continuation of the corrective bearish trend with a target of $1913.15 as the next significant level.
The 50-day Exponential Moving Average (EMA50) is exerting downward pressure on the price, reinforcing expectations of further decline.
Breaking the targeted level could result in additional losses, potentially reaching $1873.50. However, if the price manages to breach $1945.20, it would be a positive factor that could lead to a recovery and a test of the $1977.25 area initially.
For today, the expected trading range is between support at $1920.00 and resistance at $1950.00.
In summary, the forecast for today is bearish, indicating a downward trend for gold prices.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) Trade Idea
Entry Price – Buy Above 1930
Stop Loss – 1920
Take Profit – 1955
Risk to Reward – 1 : 2.5
Profit & Loss Per Standard Lot = +$2500/ -$1000
Profit & Loss Per Micro Lot = +$250/ -$100
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