GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LHFX Technical Analysis

Oct 3, 20231 min

Daily Price Outlook

The gold price continues its downward momentum, approaching the anticipated extended target of $1809.35. Market analysts foresee this bearish trend surpassing this benchmark, potentially advancing towards the $1765.20 mark.

Given the prevailing circumstances, the bearish outlook is poised to dominate the near-term landscape, underscored by the downward influence of the EMA50. It's imperative to highlight that any breakthrough above $1838.35 could disrupt this declining trend, ushering in potential intraday recovery efforts. For today's trading, the gold price is projected to oscillate between a support level of $1795.00 and a resistance point of $1830.00.

GOLD Price Chart – Source: Tradingview

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Above 1814

Take Profit – 1842

Stop Loss – 1800

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2800/ -$1400

Profit & Loss Per Micro Lot = +$280/ -$140

Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

GOLD

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