GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold prices settle around the $1,977.25 level, encountering strong resistance at this point. We await positive momentum to drive the price above this level and toward our next targets, starting at $2,000.00 and extending to $2,016.90.

The EMA50 continues to support the anticipated bullish trend, influenced by the previously completed double bottom pattern.

It is important to note that if the price consolidates around the $1,977.25 level despite bullish attempts, it may face intraday downward pressure, targeting the $1,945.20 level before any new upward movement.

The projected trading range for today is between support at $1,960.00 and resistance at $1,995.00.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Limit 1980

Take Profit – 1965

Stop Loss – 1989

Risk to Reward – 1: 1.67

Profit & Loss Per Standard Lot = +$1500/ -$900

Profit & Loss Per Micro Lot= +$150/ -$90