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 Price Chart – Source: Tradingview
    GOLD Price Chart – Source: Tradingview

    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



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