GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

    * Gold prices have broken through the resistance line of the symmetrical triangle and closed above it, confirming a return to the main bullish trend. The price is expected to test the recent high of $2,048.70 with support from moving above the EMA50.

    * To continue the bullish trend, the price must remain above $1,992.20, otherwise, it may return to the correctional bearish trend and visit the $1,957.30 areas in the near term.

    * The expected trading range for today is between support at $2,004.00 and resistance at $2,035.00.

Gold prices have broken through the resistance line of the symmetrical triangle and closed above it, confirming a return to the main bullish trend. The price is expected to test the recent high of $2,048.70 with support from moving above the EMA50.

To continue the bullish trend, the price must remain above $1,992.20, otherwise, it may return to the correctional bearish trend and visit the $1,957.30 areas in the near term.

The expected trading range for today is between support at $2,004.00 and resistance at $2,035.00.

GOLD - Trade Idea

Entry Price – Buy Above 2010

Stop Loss – 2003

Take Profit – 2035

Risk to Reward – 1 : 3.5

Profit & Loss Per Standard Lot = +$2500/ -$700

Profit & Loss Per Micro Lot = +$250/ -$70