Daily Price Outlook

    The gold price exhibited a discernible downward trajectory yesterday, closely approaching the pivotal support level at $1913.15. Influenced by the negative pressure from the EMA50, there are emerging indications suggesting potential further depreciation should it breach this support.

    Given the uncertainty, a wait-and-see approach is recommended until there's a clearer stance regarding the $1913.15 benchmark. A breach could intensify the bearish momentum, potentially steering the price towards targets of $1890.00 and subsequently, $1875.00. Conversely, if it sustains above this level, a resurgence targeting $1945.20 in the short term might be anticipated.

    For today, the expected trading range is between support at $1900.00 and resistance at $1930.00.

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

    GOLD (XAU/USD) - Trade Idea 

    Entry Price – Sell Below 1915

    Take Profit – 1905

    Stop Loss – 1920

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$1000/ -$500

    Profit & Loss Per Micro Lot = +$100/ -$50



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