Technical Analysis

GOLD Price Analysis – April 10, 2023

By LonghornFX Technical Analysis
Apr 10, 20232 min

Daily Price Outlook

The gold price finished last Friday below the $2,010.00 level and opened today with a bearish gap, reaching the $1,990.00 level. However, the price has since covered this gap, indicating an attempt to resume its primary bullish trend, which is moving within the upward channel displayed on the chart.

As a result, we believe there is a strong possibility of positive trading activity in the upcoming sessions. To enhance the likelihood of progressing toward the $2,040.00 level as the next optimistic target, the price needs to surpass the $2,010.00 level.

It is important to note that a bearish bounce and a break below the $1,980.00 level could force the price off its bullish course, initiating a short-term bearish correction.

Today's anticipated trading range is between the $1,990.00 support level and the $2,020.00 resistance level.

 Gold Price Chart - Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Limit $1999

Stop Loss – $2005

Take Profit – $1990

Take Profit 2 - $1984

Risk to Reward – 1: 1.50 (With first TP)

Profit & Loss Per Standard Lot = +$375/ -$250 (With first TP)

Profit & Loss Per Micro Lot = +$37.5/ -$25 (With first TP)


    * EUR/USD Price Analysis – April 10, 2023

    * GBP/JPY Price Analysis – April 10 2023

    * GOLD Price Analysis – April 07, 2023



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