GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The gold price has decisively breached the $1,913.15 level, as evidenced by the daily candlestick's close below this mark. This move has initiated bearish trades, applying pressure towards the $1,900.00 threshold. A further decline is anticipated, with primary targets pinpointed at $1,892.00, and possibly reaching as low as $1,873.50.

The current market sentiment leans towards an ongoing bearish trend in the near term, reinforced by the negative sway of the EMA50 and further highlighted by the manifestation of a double top pattern on the chart. Importantly, any rally beyond the $1,913.15 mark might counteract the present bearish pull and pave the way for short-lived recovery maneuvers.

Today's trading dynamics are forecasted to fluctuate between a support level set at $1,885.00 and resistance situated at $1,915.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Stop 1902

Take Profit – 1893

Stop Loss – 1910

Risk to Reward – 1: 1.13

Profit & Loss Per Standard Lot = +$900/ -$800

Profit & Loss Per Micro Lot = +$90/ -$80