Daily Trading Signal
* Gold rebounds after hitting $1,970, now above $1,992.20.
* Bearish scenario supported by 50-day EMA pressure.
* Today's trading range: $1,970 support, $2,006 resistance.
After hitting the $1,970 barrier yesterday, gold prices saw a strong bounce and have since settled above the $1,992.20 mark. The market is now looking for a new negative catalyst to drive the price past the indicated level and resume the corrective bearish wave, with the following key objective at $1,957.30.
As a result, the bearish trend scenario for the future period remains true, supported by the negative pressure produced by the 50-day exponential moving average (EMA50). It is worth noting that a break of the $2,006 level would halt the expected slide, causing the price to form a bullish wave and seek to re-establish the core bullish trend.
Today's trading range is predicted to be between $1,970 support and $2,006 resistance.
Gold (XAU/USD) Trade Idea
Entry Price – Sell Below $2000
Stop Loss – $1987
Take Profit – $2015
Risk to Reward – 1 : 15
Profit & Loss Per Standard Lot = +$1500/ -$1300
Profit & Loss Per Micro Lot = +$150/ -$130
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