GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices showed downward movement, briefly attempting to break the $1,900.00 level before retracing near the key resistance at $1,913.15.
• Gold's next target is at $1,873.50, with the condition of staying below $1,913.15.
• Today's trading range for gold is anticipated to be between the support level at $1,890.00 and the resistance level at $1,915.00.

Gold prices exhibited noticeable downward movement yesterday, briefly attempting to surpass the $1,900.00 barrier before retracing and fluctuating near the key resistance level at $1,913.15. It is worth noting that the 50-days exponential moving average (EMA) continues to exert negative pressure on the price, while the stochastic indicator shows clear signs of losing positive momentum.

Therefore, we maintain our belief in the likelihood of a resumption of the expected bearish trend in the short term and intraday, as indicated by the presence of a bearish channel on the chart. Our next target is expected to be at $1,873.50, with a crucial condition for the continuation of the anticipated decline being the price remaining below $1,913.15.

In today's trading, we anticipate a trading range between the support level at $1,890.00 and the resistance level at $1,915.00. GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1910

Take Profit – 1890

Stop Loss – 1922

Risk to Reward – 1: 1.67

Profit & Loss Per Standard Lot = +$1890/ -$1200

Profit & Loss Per Micro Lot = +$189/ -$120