GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold prices are currently around the $1929.00 level, with stochastic indicators showing clear negative signals, suggesting a continuation of the expected bearish wave on both the intraday and short-term basis. The next main target is $1873.50.
• Breaking below the key resistance level of $1913.15 is important to confirm the downward movement and potentially lead to additional gains.
• The expected trading range for today is between support at $1900.00 and resistance at $1935.00.

Gold prices are currently hovering around the $1929.00 level, with stochastic indicators showing clear negative signals. This suggests that there is a likelihood of the expected bearish wave continuing on both the intraday and short-term basis. The next main target to watch for is $1873.50.

To confirm the downward movement, it is important for the price to break below $1913.15. This level serves as a key initial resistance, and a breach of this level would indicate the potential for additional gains and a test of the significant resistance at $1945.20, before any new negative attempts.

For today's trading, the expected range is between support at $1900.00 and resistance at $1935.00.

Overall, the trend for today is expected to be bearish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1920

Take Profit – 1930

Stop Loss – 1915

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1000/ -$500

Profit & Loss Per Micro Lot = +$100/ -$50