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

By LonghornFX Technical Analysis

Apr 19, 20231 min

Gold price powerfully broke the $1,992.20 level and closed the recent four-hour candlestick below it, reinforcing the ongoing bearish trend's efficiency for the upcoming period, paving the way toward our next target at $1,957.30.

Consequently, we await further decline on an intraday basis, backed by the negative pressure created by the EMA50. It's important to note that staying below $1,992.20 is the primary condition for the continuation of the proposed bearish wave.

The projected trading range for today lies between $1,960.00 support and $1,990.00 resistance.

GOLD Price Chart - Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $1980

Stop Loss – $1990

Take Profit – $1960

Risk to Reward – 1 : 2

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

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

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.

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