GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The price of gold encountered substantial resistance from the EMA50, prompting a swift downward rebound and a subsequent test of the crucial support level at $1889.35. Notably, the price managed to consolidate above this level, leading to a bullish rally as it attempts to reestablish the anticipated upward momentum in the intraday context. The confirmation of this positive scenario hinges on the breach of $1897.00, a move that would signal the continuation of the ascent towards our primary target at $1913.15.

Given these conditions, we maintain our outlook for a bullish trend in the coming period, supported by the current favorable overlapping signal from the stochastic indicator. It is imperative to maintain a level above $1889.35 to sustain the anticipated upward movement.

The projected trading range for today is forecasted to span between the support at $1885.00 and the resistance at $1913.15.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1899

Take Profit – 1908

Stop Loss – 1892

Risk to Reward – 1: 1.29

Profit & Loss Per Standard Lot = +$900/ -$700

Profit & Loss Per Micro Lot = +$90/ -$70