GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Despite attempts, gold failed to surpass the $1945.20 mark, resulting in a notable downward reversal. This move decisively breached the $1929.00 support level, settling beneath it. Such a shift negates the anticipated positive trajectory from the inverted head and shoulders pattern, steering the commodity towards potential bearishness in upcoming trading sessions, with an initial target set at the $1913.15 region.

The Stochastic oscillator currently radiates bearish signals, reinforcing the outlook for continued decline. As such, the prevailing sentiment leans bearish unless the price can reclaim and sustain above the $1929.00 level. For today's trading, we anticipate a range between a support at $1910.00 and a resistance at $1940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Limit 1925

Take Profit – 1934

Stop Loss – 1920

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$900/ -$500

Profit & Loss Per Micro Lot = +$90/ -$50