GOLD Price Analysis and Trade Forecast: Daily Trading Signal

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(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