GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The price of gold decisively surpassed the $1913.15 mark, stabilizing below it, and has now approached the $1900.00 threshold. This strengthens the interim bearish outlook, setting sights on potential descents to $1890.00, followed by a further decline to the $1875.00 mark.

Given this trajectory, we anticipate a continued decline in the forthcoming sessions, bolstered by the downward momentum exhibited by the EMA50. It's pivotal to highlight that any breach of the $1913.15 level would negate this bearish perspective, prompting the gold price to initiate intraday recovery maneuvers.

For today, the projected trading span is set between a support of $1880.00 and a resistance at $1913.00. The prevailing trend for the day is anticipated to be bearish.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1902

Take Profit – 1890

Stop Loss – 1910

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1200/ -$800

Profit & Loss Per Micro Lot = +$120/ -$80