Daily Price Outlook

        The price of gold remains on a declining course, approaching the pivotal support mark set at $1,923. This threshold mirrors the broken neckline of the clear double bottom pattern illustrated on the chart, acting as a barrier to further price drops.

        The lingering effects of the recently culminated double top pattern are palpable, enhancing the prospects of the gold price declining past the noted support, steering towards our chief target at $1,913.15. As a result, our forecast is inclined towards a bearish trend in the near term. Importantly, if there's a breach of the $1,929 level, it might trigger a price reversal, ushering in a brief recovery with potential intraday upswings aiming for $1,945.20.

        For today's trading, we anticipate a range bordered by the $1,913 support and $1,940 resistance, maintaining a bearish stance.

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

        GOLD (XAU/USD) - Trade Idea

        Entry Price – Sell Below 1932

        Take Profit – 1915

        Stop Loss – 1943

        Risk to Reward – 1: 1.5

        Profit & Loss Per Standard Lot = +$1700/ -$1100

        Profit & Loss Per Micro Lot = +$170/ -$110



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