GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The gold price has effectively reached our anticipated target at $1,945.20 and is presently positioned around this level. It is making efforts to establish a supportive foundation above this mark, with the aim of utilizing it as a pivot for further upward movement in the short-term and intraday perspectives. It is noteworthy that our subsequent positive milestones initiate at $1,960.00, extending onwards to $1,977.25.

Consequently, our outlook remains inclined towards a bullish trajectory in the near future, influenced by the completion of the earlier observed double bottom pattern. It's important to acknowledge that any failure to surpass the $1,945.20 threshold could interrupt the bullish momentum, potentially leading to a downward correction towards $1,929.00 as the initial target, prior to any potential renewed attempt at an upward surge.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Stop 1951

Take Profit – 1970

Stop Loss – 1935

Risk to Reward – 1: 1.19

Profit & Loss Per Standard Lot = +$1900/ -$1600

Profit & Loss Per Micro Lot = +$190/ -$160