Gold (XAU/USD) Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis

Apr 18, 20231 min

On Tuesday, the precious metal gold oscillated around the $1,992 level, attempting to break through it. This suggests a bearish trend for the upcoming period, with the next correctional target set at $1,957.

The exponential moving average (EMA50) exerts negative pressure on the price, supporting the continuation of the corrective bearish scenario.

However, it is essential to note that breaching the $2,010 level would halt the anticipated decline and lead the price to regain its primary bullish trend.

The expected trading range for today lies between the $1,975 support level and the $2,010 resistance level.

GOLD Price Chart - Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2000

Stop Loss – $1992

Take Profit – $2015

Risk to Reward – 1 : 1.88

Profit & Loss Per Standard Lot = +$1,500/ -$800

Profit & Loss Per Micro Lot = +$150/ -$80

Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

GOLD

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