Daily Price Outlook

The gold price exhibited a discernible downward trajectory yesterday, closely approaching the pivotal support level at $1913.15. Influenced by the negative pressure from the EMA50, there are emerging indications suggesting potential further depreciation should it breach this support.

Given the uncertainty, a wait-and-see approach is recommended until there's a clearer stance regarding the $1913.15 benchmark. A breach could intensify the bearish momentum, potentially steering the price towards targets of $1890.00 and subsequently, $1875.00. Conversely, if it sustains above this level, a resurgence targeting $1945.20 in the short term might be anticipated.

For today, the expected trading range is between support at $1900.00 and resistance at $1930.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1915

Take Profit – 1905

Stop Loss – 1920

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1000/ -$500

Profit & Loss Per Micro Lot = +$100/ -$50

Daily Price Outlook

The AUD/USD currency pair currently hovers around the crucial 0.6400 support level, consistently maintaining above this threshold. Notably, the stochastic indicates pronounced positive momentum, enhancing the likelihood of a continued upward trajectory aiming for our primary anticipated target of 0.6545.

Given this backdrop, we remain optimistic about a bullish trend in the near future. However, it's imperative to note that any breach below the 0.6400 mark could curtail the anticipated ascent, pivoting the currency pair into a decline.

Today's forecasted trading range is anchored between support at 0.6380 and resistance at 0.6480.

AUD/USD - Trade Idea 

Entry Price – Sell Below 0.64191

Take Profit – 0.63820

Stop Loss – 0.64463

Risk to Reward – 1: 3

Profit & Loss Per Standard Lot = +$371/ -$272

Profit & Loss Per Micro Lot = +$37/ -$27

Daily Price Outlook

The GBP/USD pair exhibits an intensified bearish momentum, methodically nearing our anticipated target of 1.2200. We anticipate this downward trajectory to persist, with subsequent objectives set around the 1.2135 mark.

The EMA50 consistently underpins the projected bearish trend, which unfolds systematically within the bearish channel depicted on the chart. It's imperative to note that surpassing 1.2310 would negate this bearish outlook, prompting the pair to undergo an intraday bullish realignment.

For today, the projected trading parameters are established between a support at 1.2150 and a resistance at 1.2300.

GBP/USD - Trade Idea 

Entry Price – Sell Below 1.22581

Take Profit – 1.21951

Stop Loss – 1.22876

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$630/ -$295

Profit & Loss Per Micro Lot = +$63/ -$29

Daily Price Outlook

The EUR/USD pair is currently hovering around the pivotal support level of 1.0635. We anticipate a breach of this level to validate the continuation of its bearish trajectory, with an ensuing target at 1.0515.

The Stochastic oscillator is generating bearish indications, enhancing the likelihood of the anticipated decline. This is further reinforced by the downward pressure exerted by the EMA50.

However, a surge beyond 1.0680 would negate this bearish perspective and might prompt the pair to undertake recovery efforts, aiming for the 1.0785 region before any subsequent downturn. Today's projected trading range is delineated between the support at 1.0560 and the resistance at 1.0700. (edited)

EUR/USD - Trade Idea 

Entry Price – Sell Below 1.06711

Take Profit – 1.05694

Stop Loss – 1.07205

Risk to Reward – 1: 4

Profit & Loss Per Standard Lot = +$951/ -$56

Profit & Loss Per Micro Lot = +$101/ -$56

Daily Price Outlook

The gold price has encountered resistance at the $1929 mark, exhibiting a minor bearish inclination. This trend is influenced by the stochastic indicator, which is gradually shedding its negative momentum. The market awaits a positive catalyst that could propel the price beyond the aforementioned level, aiming for a subsequent target at $1945.20.

For the time being, our outlook remains optimistic unless there's a breach below the $1913.15 threshold and sustained trading beneath it. Penetrating this level could be detrimental, potentially leading the price to further declines targeting $1875.00 in the near term.

Today's anticipated trading bracket is set between a support at $1910.00 and a resistance at $1940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1925

Take Profit – 1914

Stop Loss – 1930

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1096/ -$500

Profit & Loss Per Micro Lot = +$109/ -$50

Daily Price Outlook

The prominent stock market index, the S&P 500, is displaying a pronounced bearish trend, declining by nearly 3% to stand at $4,336. This level serves as a pivotal support, underscored by a double bottom pattern at the same mark.

On the daily chart, the SPX has manifested two significant bearish engulfing candles, indicating a dominant bearish sentiment. Should the SPX breach the $4,336 threshold, it is poised to encounter subsequent support levels at $4,295 and possibly $4,261.

Conversely, the resistance is anchored at $4,377. A surge above this level could pave the way for the SPX to approach $4,440.

S&P500 (SPX) - Trade Idea 

Entry Price – Buy Above 4326

Take Profit – 4397

Stop Loss – 4296

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$710/ -$300

Profit & Loss Per Micro Lot = +$71/ -$30

Daily Price Outlook

Following a significant downturn, the price of gold narrowly missed our anticipated target at $1,913.15 yesterday. However, a subsequent robust rebound was observed, indicating the initiation of a potential bullish trajectory. Our primary projection for this upward momentum is a retest of the $1,929.00 level. A breach of this threshold could further elevate the price to our next major target of $1,945.20.

Given the current data, we anticipate a bullish trend for today, a sentiment reinforced by the present positivity of the stochastic indicator. It's crucial to note that any decline below the $1,913.15 mark would nullify the projected ascent and potentially usher in more immediate losses. For today, we forecast a trading range with support at $1,910.00 and resistance at $1,940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Stop 1927

Take Profit – 1936

Stop Loss – 1920

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$900/ -$700

Profit & Loss Per Micro Lot = +$90/ -$70

Daily Price Outlook

Yesterday, the GBP/USD pair exhibited a pronounced bearish behavior, reaching our extended target of 1.2255. Subsequently, it attempted a retest of the resistance at 1.2310, which it had previously breached. Notably, the stochastic indicator has displayed a diminishing bullish momentum, suggesting a potential push for the price to continue its primary bearish course with an upcoming target set at 1.2200.

Given this context, we anticipate a continuation of the bearish trajectory for the foreseeable future, contingent on the price remaining below 1.2310. It's essential to highlight that the EMA50 continues to bolster the current bearish trend within the discernible bearish channel on the chart. Today's anticipated trading range spans from a support level at 1.2190 to a resistance level at 1.2350.

GBP/USD - Trade Idea 

Entry Price – Sell Limit 1.23304

Take Profit – 1.22366

Stop Loss – 1.23854

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$938/ -$550

Profit & Loss Per Micro Lot = +$93/ -$55

Daily Price Outlook

Despite attempts, gold failed to surpass the $1945.20 mark, resulting in a notable downward reversal. This move decisively breached the $1929.00 support level, settling beneath it. Such a shift negates the anticipated positive trajectory from the inverted head and shoulders pattern, steering the commodity towards potential bearishness in upcoming trading sessions, with an initial target set at the $1913.15 region.

The Stochastic oscillator currently radiates bearish signals, reinforcing the outlook for continued decline. As such, the prevailing sentiment leans bearish unless the price can reclaim and sustain above the $1929.00 level. For today's trading, we anticipate a range between a support at $1910.00 and a resistance at $1940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Limit 1925

Take Profit – 1934

Stop Loss – 1920

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$900/ -$500

Profit & Loss Per Micro Lot = +$90/ -$50

Daily Price Outlook

The USD/JPY pair has successfully breached the 147.86 mark and established a daily close above it, enhancing the prospects for sustained bullish momentum in forthcoming sessions. We anticipate a continued upward trajectory, targeting the 149.00 level as our subsequent milestone.

The bullish outlook is further corroborated by the EMA50, which underpins the price, coupled with the favorable convergence signal currently exhibited by the stochastic indicator. It is imperative to maintain a position above the 147.50 level to realize the projected targets.

For today's trading dynamics, we forecast a range defined by a support at 147.60 and a resistance at 149.10, with the prevailing sentiment tilting bullish.

USD/JPY - Trade Idea 

Entry Price – Buy Limit 148

Take Profit – 149.040

Stop Loss – 147.350

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1040/ -$650

Profit & Loss Per Micro Lot = +$104/ -$65