GOLD Price Analysis and Trade Forecast: Daily Trading Signal

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