GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold's value successfully surpassed the $1,929.00 threshold, concluding yesterday above this benchmark. A meticulous analysis of the chart indicates the completion of an 'inverted head and shoulders' pattern. This pattern hints at potential upward targets exceeding the $1,945.20 level, aiming for the vicinity of $1,960.00.

Given these dynamics, we anticipate a continuation of the bullish trend in the forthcoming phase, bolstered by the EMA50 underpinning the price trajectory. However, it's worth noting that a breach below the $1,929.00 mark could curtail this anticipated ascent, casting a bearish shadow on the intraday perspective.

For today, we forecast a trading range between the support at $1,920.00 and resistance at $1,950.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Limit 1935

Take Profit – 1925

Stop Loss – 1942

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1000/ -$700

Profit & Loss Per Micro Lot = +$100/ -$70