GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold is currently trading sideways around $1959, unable to break above the resistance at $1964.
• The $1958 level is acting as support, with the 23.6% Fibonacci retracement level and the 50-day exponential moving average providing additional reinforcement.
• If the price breaks below $1958, it could find further support at $1954 and $1951, corresponding to the 38.2% and 50% Fibonacci retracement levels.

On Tuesday, the price of gold is trading in a sideways pattern around the $1959 level, unable to break through the resistance at $1964. Currently, it is finding support around the $1958 level, which aligns with the 23.6% Fibonacci retracement level and the 50-day exponential moving average on the two-hour timeframe.

On the downside, a break below $1958 could expose gold to further support levels at $1954 and $1951, corresponding to the 38.2% and 50% Fibonacci retracement levels. Continued downward momentum may push the gold price towards the 61.8% level at $1948.

Therefore, it is important to monitor the price action around the $1964 level, as a break below this level could lead to further downside. On the other hand, a breakthrough above $1964 could provide room for buying opportunities, targeting levels at $1972 or $1980.

GOLD Price Chart - Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1960

Stop Loss – 1967

Take Profit – 1951

Risk to Reward – 1: 1.29

Profit & Loss Per Standard Lot = +$900/ -$7000

Profit & Loss Per Micro Lot = +$90/ -$70