GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

Gold prices have distinctly retraced, approaching the anticipated primary target level at $1,913.15. Current indicators suggest an ongoing decline, potentially reaching the vicinity of $1,890.00, especially after surpassing the preceding benchmark.

Given this backdrop, we project a bearish trajectory in the near future, further underscored by the downward pressure exerted by the EMA50. It's imperative to highlight, however, that any breach above the $1,929.00 mark could halt the anticipated downtrend and prompt an intraday price recovery attempt.

Today's projected trading range lies between a support at $1,900.00 and a resistance at $1,930.00.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1915

Take Profit – 1924

Stop Loss – 1909

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$900/ -$600

Profit & Loss Per Micro Lot = +$90/ -$60