GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices continue to exhibit a bearish trend as they closed below the $1913.15 level, with a potential decline towards the next target at $1873.50.
• The EMA50 acts as a reinforcing factor for the bearish momentum, and a breakthrough of $1907.00 would support reaching the expected target.
• Today's trading range is expected to be between support at $1890.00 and resistance at $1925.00.

Gold prices concluded the previous session below the $1913.15 level, confirming the prevailing bearish trend in the short term. The price is aiming to re-enter the bearish channel observed on the chart and potentially extend the decline towards the next target at $1873.50.

The presence of the EMA50 continues to reinforce the suggested bearish momentum, and a breakthrough of $1907.00 would facilitate the achievement of the anticipated target. However, if the price surpasses $1913.15, it would be considered a positive development, leading to potential recovery attempts targeting $1929.00 and potentially reaching $1945.20 before any new downward move.

For today's trading, we anticipate the price to move within a range of support at $1890.00 and resistance at $1925.00.

Overall, the forecasted trend for today remains bearish, reflecting the current market sentiment.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1910

Take Profit – 1920

Stop Loss – 1900

Risk to Reward – 1: 1

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

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