GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

    * Gold prices have settled around $2,020.00 with positive support from EMA50.

    * Stochastic is gathering positive momentum on the intraday time frames, indicating a potential rise in upcoming sessions.

    * First positive station target is $2,048.70, but breaking $2,002.00 could lead to correctional bearish wave. Expected trading range today is between $2,007.00 support and $2,045.00 resistance.

Gold prices are currently settled around the $2,020.00 level, with continuous positive support from the EMA50. The stochastic is beginning to gather positive momentum on the intraday time frames, which leads us to believe that there are valid chances for the rise to continue in the upcoming sessions.

Our first positive station target is set at $2,048.70, and breaching this level will push the price to $2,075.25 as the next target. However, breaking $2,002.00 represents a negative factor that will push the price to start a correctional bearish wave on the intraday basis.

The expected trading range for today is between $2,007.00 support and $2,045.00 resistance. Happy trading!

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2020

Stop Loss – $2005

Take Profit – $2055

Risk to Reward – 1 : 2.33

Profit & Loss Per Standard Lot = +$3500/ -$1500

Profit & Loss Per Micro Lot = +$350/ -$150