GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

 During the previous trading session, gold displayed a distinct downward trajectory, nearing our anticipated target of $1,892. This decline followed a period of fluctuating behavior, during which the price tested a pivotal resistance at $1,913, only to retreat in a bearish manner.

This reinforces the ongoing bearish trend in intraday and short-term perspectives, clearly delineated within the chart's evident bearish channel. We project a further descent toward the $1,874 mark.

Given these factors, our forecast remains bearish for the forthcoming period, with the EMA50 providing additional support for this stance.

This outlook hinges on the price's consistent positioning below the $1,913 threshold. For today, we anticipate a trading corridor with support at $1,885 and resistance capped at $1,915.  

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Above 1899

Take Profit – 1893

Stop Loss – 1889

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$1900/ -$1000

Profit & Loss Per Micro Lot = +$190/ -$100