Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Sep 1, 20231 min
Signal 2023 05 25 122622 002

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

    Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

    GOLD

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