Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 9, 20232 min
Signal 2023 05 25 122622 002

Daily Price Outlook

  • Gold closed below the $1960.00 level, suggesting increased negative pressure and a potential target of $1925.35 in upcoming sessions.
  • A bearish bias is expected today, with support from trading below the EMA50. Breaking above $1960.00 could reestablish a bullish trend with a target of $2000.00.
  • The projected trading range for today is between $1925.00 support and $1965.00 resistance. The overall trend forecast is bearish.

The price of gold closed below the $1960.00 level yesterday, indicating a potential increase in negative pressure in the upcoming sessions as it heads towards the target level of $1925.35.

Consequently, a bearish bias is anticipated for today, supported by trading below the EMA50. However, if the price manages to break above the $1960.00 level and hold above it, it could reactivate the bullish trend scenario with the next target set at $2000.00.

The projected trading range for today is expected to be between the support level of $1925.00 and the resistance level of $1965.00. Overall, the forecasted trend for today is bearish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1960

Stop Loss – 1950

Take Profit – 1980

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot = +$200/ -$100

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GOLD

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