Daily Price Outlook

    The price of gold is currently experiencing a downward movement, testing the critical support level at $1,913.15. This decline is influenced by the negative reading on the stochastic indicator. It's worth noting that the stochastic indicator is gradually showing signs of positive momentum, which could potentially serve as a catalyst for the resumption of the bullish trend. The immediate targets for this upward movement are set at $1,929.00 and $1,945.20.

    As a result, the scenario of a bullish trend remains in play. It's important to highlight that a breach below $1,913.15 would invalidate the anticipated upward movement and potentially lead to further price declines. The expected trading range for the current session is anticipated to be between the support level of $1,900.00 and the resistance level of $1,930.00.

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

    GOLD (XAU/USD) - Trade Idea

    Entry Price – Sell Below 1919

    Take Profit – 1905

    Stop Loss – 1930

    Risk to Reward – 1: 1.27

    Profit & Loss Per Standard Lot = +$1400/ -$1100

    Profit & Loss Per Micro Lot = +$140/ -$110



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