Daily Price Outlook

    Having reached a temporary trough near the $1,935 mark, gold has exhibited a marked uptick in recent trading, making a notable push towards the $1,945.20 threshold. This upward trajectory suggests a revival of the primary bullish momentum, a sentiment further buoyed by the recently observed double bottom pattern. This paves the way for potential ascents, with initial targets set at $1,960, potentially extending to $1,977.25.

    Given these dynamics, the prevailing sentiment leans towards a bullish disposition for the day's trading. This stance finds reinforcement in the EMA50's underpinning of the price trajectory. However, it's imperative to note that any inability to sustain levels above $1,945.20 could stall the bullish momentum, leading to potential intraday retracements. For the day, the anticipated trading span is delineated by a support level at $1,935 and resistance at $1,965.

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

    GOLD(XAU/USD) - Trade Idea

    Entry Price – Buy Limit 1943

    Take Profit – 1957

    Stop Loss – 1933

    Risk to Reward – 1: 1.4

    Profit & Loss Per Standard Lot = +$1400/ -$1000

    Profit & Loss Per Micro Lot = +$140/ -$100 



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