GOLD Price Analysis – April 14, 2023

Daily Price Outlook

Gold price concluded yesterday above the $2,040.00 mark, bolstering the forecast of a continued bullish trend for both intraday and short-term periods, with the next primary target set at $2,074.85.

However, the current negative momentum displayed by the RSI and MACD indicators may result in brief sideways fluctuations and a temporary dip before resuming its upward trajectory.

It's important to note that the bullish channel persists in guiding the projected bullish wave, which will remain relevant if the $2,013.00 level isn't breached and sustained with a daily close beneath it.

Breaking this level could pressure the price, leading to a bearish correction before the primary bullish wave resumes. Today's anticipated trading range lies between a $2,025.00 support level and a $2,060.00 resistance level.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $2,047

Stop Loss – $2,053

Take Profit – $2,037

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$5,017/ -$1,093

Profit & Loss Per Micro Lot = +$501/ -$109