GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices resume decline, hovering around $1913.15 level
• Bearish trend expected as price remains below EMA50
• Price range for today: Support at $1895.00, Resistance at $1930.00

Gold prices have decided to take a detour from their recent positive streak and are currently back on the decline, hovering around the $1913.15 level. If the price manages to break through this level, it will confirm a return to the bearish channel and could pave the way for further downward movement towards the $1873.50 areas.

While the price continues to sway below the EMA50, supporting the expected bearish trend, it might engage in some sideways movements before finding the necessary momentum to push lower and resume the anticipated bearish wave.

In the bigger picture, we maintain a bearish outlook for the foreseeable future, closely monitoring the price's behavior below the $1929.00 level.

For today's trading adventure, we anticipate the price to wander within a range of $1895.00 as a support level and $1930.00 as a resistance level.

So, the forecasted trend for today remains bearish, and we will be eagerly observing how gold unveils its enchanting moves.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1915

Take Profit – 1932

Stop Loss – 1900

Risk to Reward – 1: 1.13

Profit & Loss Per Standard Lot = +$1700/ -$1500

Profit & Loss Per Micro Lot = +$170/ -$150