GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

    * Gold is attempting to break the $2,048.70 resistance level but struggling to maintain position above it.

    * Fluctuation between $2,030.00 support and resistance level is crucial for determining gold's next trend.

    * Breakthrough of either level will indicate future price destination; a resistance break could see prices reach $2,100.00, while a support break may see prices drop to $2,017.00 followed by $2,010.00.

The current gold price is attempting to surpass the major resistance level of $2,048.70, but it has been facing difficulty in maintaining a steady position above it.

It is presently fluctuating between the support level of $2,030.00 and the resistance level, which is a crucial aspect to consider for determining the next trend of gold.A definitive breakthrough of either level will indicate the upcoming destination for the price.

If the resistance level is exceeded, we can anticipate that the price will maintain its upward momentum towards $2,100.00 levels. Alternatively, if the support level breaks, the price may encounter negative pressure and fall towards the levels of $2,017.00 followed by $2,010.00.

Today's trading range is estimated to be between the support level of $2,030.00 and the resistance level of $2,070.00.

GOLD - Trade Idea

Entry Price – Sell Below $2050

Stop Loss – $2030

Take Profit – $2065

Risk to Reward – 1 : 1.3

Profit & Loss Per Standard Lot = +$2000/ -$1500

Profit & Loss Per Micro Lot = +$200/ -$150