GOLD Price Analysis – April 12, 2023

Daily Price Outlook

Gold is steadily rising and currently hovering around the $2010.00 level. The goal is to reach higher positive targets, with the next station being $2040.00. The EMA50 supports the bullish wave within the bullish channel on the chart. If the price breaches the $2010.00 level, it will become easier to achieve further gains on both intraday and short-term bases.

However, if the price drops below $1990.00, the positive scenario will end, and a correctional bearish wave will start.

The projected trading range for today falls between the $1990.00 support and $2025.00 resistance.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $2012

Stop Loss – $2018

Take Profit – $2001

Risk to Reward – 1 : 1.80

Profit & Loss Per Standard Lot = +$1,100./ -$600

Profit & Loss Per Micro Lot = +$110/ -$60

Related:

    * EUR/GBP Price Analysis – April 12 2023

    * USD/CHF Price Analysis – April 12, 2023

    * GOLD Price Analysis – April 11, 2023