Daily Price Outlook

Upon scrutinizing the technical nuances of the S&P 500, the index displays volatility around the $4,500 mark. Delving into the four-hour chart, the S&P 500 has staged a comeback from a critical support pegged at $4,470. The candlestick configurations hint at a possible upward trajectory for the index.

Should the S&P 500 sustain above this threshold, it is poised to confront the ensuing formidable resistance near $4,500. Beyond this, another significant resistance coincides with the 61.8% retracement mark, intensified by a 61.8% extension.

On the flip side, if the S&P 500 descends below the $4,470 benchmark, ensuing supports are likely at $4,450 and $4,335. The linchpin remains the pivotal $4,400 support, serving as today's fulcrum. A position above this point insinuates a potential bullish continuation, whereas a breach below might signal augmented selling activity.

S&P500 (SPX) - Trade Idea 

Entry Price – Buy Above 4490

Take Profit – 4545

Stop Loss – 4440

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$550/ -$500

Profit & Loss Per Micro Lot = +$55/ -$50

Daily Price Outlook

The GBP/USD pair experienced a pronounced downtrend yesterday, successfully reaching our anticipated target of 1.2400 and currently hovering around this mark. We anticipate further potential decline, with the next significant target positioned at 1.2310.

This bearish outlook remains dominant, reinforced by the EMA50 which exerts downward pressure on the price. It's imperative to note that for the bearish momentum to persist, the price should remain below 1.2505. Today's projected trading range lies between a support level of 1.2320 and a resistance level of 1.2480.

GBP/USD - Trade Idea 

Entry Price – Sell Below 1.24516

Take Profit – 1.23734

Stop Loss – 1.25092

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$782/ -$576

Profit & Loss Per Micro Lot = +$78/ -$57

Daily Price Outlook

Gold commenced the trading session exhibiting evident bullish momentum, surpassing the $1,913.15 threshold and nearing the retest of the previously breached neckline of the head and shoulders pattern, which now stands as a pivotal resistance at $1,917.50. It's noteworthy to mention that the 50-day Exponential Moving Average (EMA50) aligns with this resistance level, reinforcing its significance and suggesting the potential for a renewed downtrend.

Given the current scenario, a prudent strategy would be to adopt a wait-and-see approach until there's a decisive breach of one of the critical levels mentioned, thereby offering greater clarity on the impending trajectory. A descent below the $1,913.15 support could indicate the reassertion of the bearish trend, with subsequent objectives at $1,890.00 and then $1,873.50.

Conversely, a breakthrough of the $1,917.50 resistance may negate the adverse implications of the pattern, paving the way for gold to ascend and target gains commencing at $1,929.00. The anticipated trading bandwidth for the day is projected between a support of $1,900.00 and resistance at $1,930.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1912

Take Profit – 1925

Stop Loss – 1900

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1300/ -$1200

Profit & Loss Per Micro Lot = +$130/ -$120

Daily Price Outlook

The gold price maintains its position below $1,913.15, in anticipation of factors that could reinforce the price's trajectory towards the projected downward trend for the day. This inclination is influenced by the previously established head and shoulders pattern. It's worth noting that our projected targets commence at $1,890.00 and may reach down to $1,873.50.

The 50-day Exponential Moving Average (EMA50) backs the forecasted bearish movement, which will persist as the dominant prediction unless there's a breach surpassing the $1,913.15 mark, further solidified if it surpasses $1,916.80 and sustains above these thresholds.

Today's anticipated trading bandwidth is set between a support level of $1,875.00 and a resistance level at $1,920.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1912

Take Profit – 1905

Stop Loss – 1917

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$700/ -$500

Profit & Loss Per Micro Lot = +$70/ -$50

Daily Price Outlook

The USD/JPY pair has decisively surpassed the 146.90 threshold, signaling a resurgence of the primary bullish trajectory. This movement is in line with the bullish channel delineated on the chart, enhancing the probability of eclipsing the recent peak of 147.86 and steering towards the 149.00 region as the forthcoming key target.

The 50-day Exponential Moving Average (EMA50) lends positive reinforcement to the pair, underscoring the anticipated upward trend in subsequent sessions. However, it's crucial to note that a breach below the 146.90 mark, followed by a drop past 146.35, could thwart the projected ascent and redirect the pair back to a corrective bearish path.

For today, the trading spectrum is projected to oscillate between a support at 146.70 and resistance at 148.20.

USD/JPY - Trade Idea 

Entry Price – Buy Limit 146.677

Take Profit – 147.955

Stop Loss – 145.774

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1278/ -$903

Profit & Loss Per Micro Lot = +$127/ -$90

Daily Price Outlook

The EUR/USD pair displays indications of continued downward movement. Current observations note a negative correlation in the stochastic oscillator, bolstering the likelihood of an extended bearish trend for the day, with a primary target set at 1.0635.

Our analysis maintains a bearish outlook for subsequent sessions only if it manages to break below 1.07207 level. For today, we project a trading range with support at 1.0660 and resistance at 1.0810.

EUR/USD - Trade Idea 

Entry Price – Buy Above 1.07224

Take Profit – 1.07666

Stop Loss – 1.06998

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$442/ -$226

Profit & Loss Per Micro Lot = +$44/ -$22

Daily Price Outlook

The EUR/USD currency pair concluded the previous session on a notably positive note, probing the resistance of the evident bearish channel showcased on the analytical chart. Notably, it has sustained below this resistance, commencing today with a bearish inclination, suggesting a potential continuation of the prevailing downtrend. The subsequent primary objective is set at 1.0635.

The 50-day Exponential Moving Average (EMA50) aligns with the aforementioned resistance, amplifying its robustness. Concurrently, the stochastic oscillator displays a clear wane in its positive momentum, reinforcing the prognosis for a decline in upcoming sessions.

Given these dynamics, the bearish trajectory is anticipated in both intraday and short-term scenarios, unless there's a breach beyond 1.0785 that remains sustained. Today's trading spectrum is projected to span from a support at 1.0660 to a resistance ceiling of 1.0810.

EUR/USD - Trade Idea 

Entry Price – Buy Above 1.07226

Take Profit – 1.07975

Stop Loss – 1.06783

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$749/ -$443

Profit & Loss Per Micro Lot = +$74/ -$44

Daily Price Outlook

The gold price has decisively breached the $1,913.15 mark, evidenced by its closure below this level yesterday and has embarked on a downward trajectory today. Its next anticipated target stands at $1,890.00. The chart manifests a "head and shoulders" pattern, signaling potential further drops with subsequent goals pinpointed at $1,873.50.

In light of this, we anticipate continued declines in the forthcoming sessions. However, it's pivotal to note that if the gold price surpasses the $1,913.15 and subsequently the $1,916.80 thresholds, this could negate the bearish outlook, prompting a potential intraday recovery. For today, we foresee the gold price oscillating between a support level of $1,875.00 and a resistance barrier at $1,920.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1912

Take Profit – 1905

Stop Loss – 1917

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$700/ -$500

Profit & Loss Per Micro Lot = +$70/ -$50

Daily Price Outlook

The GBP/USD currency pair has decisively breached the 1.2505 mark, evidenced by its recent daily close beneath this threshold. This move aligns with the bearish trajectory outlined within the analytical chart's bearish channel. Subsequent targets are delineated at 1.2400, extending further to 1.2310.

Given this context, a bearish orientation is anticipated for today's trading session, bolstered by the negative influence exerted by the 50-day Exponential Moving Average (EMA50). However, it's crucial to note that any ascent past the 1.2505 level, if sustained, might negate the current bearish perspective, paving the way for potential recuperative actions. For today, the projected trading spectrum spans from a support boundary of 1.2390 to a resistance cap of 1.2540.

GBP/USD - Trade Idea 

Entry Price – Sell Limit 1.24796

Take Profit – 1.24007

Stop Loss – 1.25411

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$789/ -$615

Profit & Loss Per Micro Lot = +$78/ -$61

Daily Price Outlook

Gold's price, currently hovering around $1,929.00, struggles to maintain a consistent breach of this level, showcasing a bearish pullback that leans on the intraday bullish trend line evident on the chart. Concurrently, the stochastic indicator is hinting at renewed positive momentum, potentially propelling the gold price to resume its upward trajectory and possibly exceed the aforementioned level, aiming for a subsequent primary target at $1,945.20.

In light of these observations, we anticipate a continuation of the bullish trend in the near term. However, it's essential to recognize that a breach below the $1,919.80 level, followed by a decline to $1,913.15, could deter the anticipated upward movement, pivoting the gold price towards a downtrend. For today, we project the gold price to oscillate between a support level of $1,913.00 and a resistance at $1,940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1925

Take Profit – 1915

Stop Loss – 1930

Risk to Reward – 1: 2

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

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