GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Gold (XAU/USD) begins the day with a touch of negativity, exerting pressure on the $1,913.15 level, indicating a bearish outlook for the intraday and short-term periods. The next key support is expected around $1,873.50.
• The bearish trend remains intact as the price continues to experience downward pressure from the EMA50. The bearish wave is well-structured, and the price's stability below $1,913.15 is crucial to sustain the bearish momentum. However, surpassing this level could trigger recovery attempts, potentially reaching gains of up to $1,945.20 before another potential decline.
• The anticipated trading range for today is between the support level of $1,890.00 and the resistance level of $1,925.00.

Gold (XAU/USD) sets off with a touch of negativity today, as it puts pressure on the $1,913.15 level and attempts to break it, which supports the continuation of the bearish overview on the intraday and short-term basis, paving the way to head towards $1,873.50 areas as the next main station.

The bearish channel continues to organize the bearish wave, and the price is falling under continuous negative pressure coming from the EMA50, to keep the bearish trend valid and active conditioned by the price stability below $1,913.15.

Surpassing this level will lead the price to start recovery attempts and achieve gains that reach $1,945.20 before any new attempt to decline.

The expected trading range for today is between the support level of $1,890.00 and the resistance level of $1,925.00.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Limit 1925

Take Profit – 1890

Stop Loss – 1940

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3500/ -$1500

Profit & Loss Per Micro Lot = +$350/ -$150