GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices made a downward splash, ending below $1929.00 like synchronized swimmers, signaling a bearish trend with a potential target of $1913.15 and a daring plunge towards $1873.50 if breached.
• A twist awaits if gold breaks through $1929.00 and $1945.20, potentially leading to a dramatic turnaround.
• Today’s trading range sets the stage for excitement, with support at $1905.00 and resistance at $1935.00, ready to challenge the market.

Gold prices took a downward dive yesterday, ending below the level of $1929.00 like a skilled synchronized swimmer. This keeps the bearish trend scenario in full swing, with a potential visit to the $1913.15 territory on the horizon.

And hold onto your hats, because if this level is breached, the price may take a daring plunge towards the next correctional level at $1873.50.

The bearish channel is the ringleader here, skillfully organizing the bearish wave and receiving constant support from the EMA50, like a maestro conducting a symphony.

But wait! There’s a twist! If gold manages to break through the levels of $1929.00 followed by $1945.20, it will throw a curveball at the expected decline, leading the price to make a dramatic turnaround and head for the sunny side of the market.

Today’s trading range promises an exciting show, with support kicking in at $1905.00 like a trusty safety net, and resistance shining brightly at $1935.00 like a formidable challenger. Get ready for a wild ride! And now, for the expected trend of the day: bearish vibes are in the air.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1935 Take Profit – 1910 Stop Loss – 1950 Risk to Reward – 1: 1.6 Profit & Loss Per Standard Lot = +$2500/ -$1500 Profit & Loss Per Micro Lot = +$250/ -$150