GOLD Price Analysis – April 11, 2023

Daily Price Outlook

On Tuesday, the decline in gold prices stopped at the bullish channel's support line, as the price has now begun to show positive movement in an attempt to move away from the mentioned support and continue the primary bullish trend. The next key targets are $2,010.00 and $2,040.00.

Technical indicators provide positive signals that support the anticipated bullish trend. But it's important to keep in mind that if the price falls below $1,985.00, it will start a bearish correction on an intraday basis before going back up.

Today's expected trading range is between $1,980.00 support and $2,010.00 resistance.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Stop $1,994

Stop Loss – $1,980

Take Profit – $2,015

Risk to Reward – 1 : 1.5

Profit & Loss Per Standard Lot = +$2,100/ -$1,400

Profit & Loss Per Micro Lot = +$210/ -$140

Related:

    * AUD/USD Price Analysis – April 11, 2023

    * GBP/USD Price Analysis – April 11 2023

    * GOLD Price Analysis – April 10, 2023