Daily Price Outlook

    The gold price has encountered resistance at the $1929 mark, exhibiting a minor bearish inclination. This trend is influenced by the stochastic indicator, which is gradually shedding its negative momentum. The market awaits a positive catalyst that could propel the price beyond the aforementioned level, aiming for a subsequent target at $1945.20.

    For the time being, our outlook remains optimistic unless there's a breach below the $1913.15 threshold and sustained trading beneath it. Penetrating this level could be detrimental, potentially leading the price to further declines targeting $1875.00 in the near term.

    Today's anticipated trading bracket is set between a support at $1910.00 and a resistance at $1940.00.

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

    GOLD (XAU/USD) - Trade Idea 

    Entry Price – Sell Below 1925

    Take Profit – 1914

    Stop Loss – 1930

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$1096/ -$500

    Profit & Loss Per Micro Lot = +$109/ -$50



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