Daily Price Outlook

    The price of gold has persistently declined, successfully breaching the $1,873.50 mark and culminating in a daily close below this threshold.

    This trajectory has enabled it to reach our revised target of $1,860.00, and projections indicate a sustained downtrend, potentially touching new lows at $1,839.00 and extending to $1,810.00.

    Given the prevailing conditions, the bearish sentiment is anticipated to dominate the foreseeable future, bolstered by the downward pressure exerted by the EMA50.

    It's worth noting that a breakthrough above $1,873.50 could curtail the anticipated drop, prompting short-term recuperative endeavors.

    Today's trading is predicted to oscillate between the support level of $1,845.00 and the resistance at $1,880.00.

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

    GOLD(XAU/USD) - Technical Analysis

    Entry Price – Buy Above 1864

    Take Profit – 1883

    Stop Loss – 1853

    Risk to Reward – 1: 7

    Profit & Loss Per Standard Lot = +$1900/ -$1100

    Profit & Loss Per Micro Lot = +$190/ -$110



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