GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

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Gold prices dip below $2016.95, signaling ongoing bearish correction and potential decline towards $1977.25.

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Stochastic indicator loses positive momentum, further indicating a possible downturn.

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Outlook remains bearish unless there is a breakthrough above $2016.95 and $2024.00 levels with sustained hold.

Gold prices have dropped below the $2016.95 level, indicating a continued bearish correction and a potential decline towards the target level of $1977.25. The EMA50 is exerting downward pressure on the price, supporting the ongoing bearish trend.

It is important to note that the stochastic indicator has clearly lost its positive momentum, adding to the signals that suggest a further decline.

Consequently, our outlook remains bearish for the near future, unless there is a breakthrough above the $2016.95 level followed by $2024.00, and a sustained hold above these levels.

The projected trading range for today is expected to be between the support level of $1995.00 and the resistance level of $2025.00.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2005

Stop Loss – $1990

Take Profit – $2040

Risk to Reward – 1 : 2.33

Profit & Loss Per Standard Lot = +$3500/ -$1500

Profit & Loss Per Micro Lot = +$350/ -$150