Daily Trading Signal

    * Gold price broke the $1,992.20 level and closed below it, reinforcing the bearish trend and setting the stage for a move towards $1,957.30 as the next target.

    * The EMA50 is putting negative pressure on gold, suggesting further declines in the upcoming sessions unless the $1,992.20 and $1,997.75 levels are breached.

    * Today's trading range for gold is expected to be between $1,960.00 support and $1,995.00 resistance.

Gold price succeeded in breaking the $1,992.20 level and concluded last week beneath it, reinforcing the ongoing correctional bearish trend's dominance on an intraday basis and paving the way towards $1,957.30 as the next primary target. Note that breaking this level will propel the price to visit the subsequent correctional level at $1,929.00.

As a result, we anticipate further declines in the upcoming sessions, bolstered by the negative pressure exerted by the EMA50. Keep in mind that breaching the $1,992.20 level, followed by the $1,997.75 level, will halt the negative scenario and prompt the price to attempt to reclaim the main bullish trend.

Today's expected trading range is between $1,960.00 support and $1,995.00 resistance.

 GOLD Price Chart - Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $1975

Stop Loss – $1965

Take Profit – $1995

Risk to Reward – 1 : 1.12

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot = +$200/ -$100



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