Daily Price Outlook

    The gold price failed to surpass the $1,945.20 mark, leading to a downward trajectory with an anticipated initial target at $1,929.00. A breach of this threshold could further drive the price down to $1,913.15.

    Given these dynamics, the outlook for upcoming sessions leans bearish. A dip below $1,937.00 could expedite the journey to the projected targets. However, it's essential to note that should the gold price break above $1,945.20, a recovery could ensue, potentially propelling prices towards the $1,960.00 mark. Today's anticipated trading range for gold is set between a support level of $1,925.00 and a resistance level of $1,950.00.

    The prevailing trend forecast for the day is bearish.

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

    GOLD(XAU/USD) - Trade Idea

    Entry Price – Buy Limit 1936

    Take Profit – 1948

    Stop Loss – 1930

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$1200/ -$600

    Profit & Loss Per Micro Lot = +$120/ -$60



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