Daily Price Outlook

Analyzing the technical aspect of the S&P 500, its current trading position revolves around the 4535 support level. This support is further reinforced by the 23.6% replacement ratio.

However, it is crucial to note that both the relative strength index (RSI) and the moving average convergence and divergence (MACD) indicator indicate overbought conditions, suggesting a high probability of a bearish correction.

Presently, the 23.6% retracement level and the 50-day exponential moving average offer immediate support at 4535. If the price experiences a bearish break below this level, it may encounter the 38.2% or 50% retracement levels at 4506 and 4484, respectively.

On the other hand, a bullish scenario involves a breakthrough above the 4580 resistance level, which could pave the way for the S&P 500 index to target the 468 or 466 resistance levels.

As traders, it is essential to closely monitor the 4535 level as it presents a potential selling opportunity in case of a bearish break, while a sustained support could signal a buying opportunity.

 S&P500 (SPX) - Trade Idea

Entry Price – Buy Limit 4532

Take Profit – 4625

Stop Loss – 4497

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$930/ -$350

Profit & Loss Per Micro Lot = +$93/ -$35

Daily Price Outlook

Gold prices have confirmed a break below the support line of the intraday bullish channel, indicating an upcoming decline towards the $1945.20 level. This suggests a bearish bias for today, and further confirmation of the bearish trend will occur if the price breaks below $1960.00.

However, it's important to note that this expected decline is temporary, and the bullish track is expected to resume later on. If the price breaks below the targeted level, it may face additional negative pressure, with the next target at $1913.15.

On the other hand, breaching the $1977.25 level will be a positive factor that could halt the current negative pressure and lead to a rise in the price.

Expected trading range for today: $1945.00 (support) to $1977.00 (resistance).

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Stop 1956

Take Profit – 1934

Stop Loss – 1967

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2200/ -$1100

Profit & Loss Per Micro Lot= +$220/ -$110

Daily Price Outlook

Taking a look at the technical side of the S&P 500, it is currently trading around the 4535 support level. This particular support divergence is being extended by the 23.6% replacement ratio.

However, upon examining the relative strength index (RSI) and moving average convergence and divergence (MACD) indicator, both of them are showing overbought conditions, suggesting that the chances of a bearish correction remain strong.

At the moment, the 23.6% retracement level, as well as the 50-day exponential moving average, are providing immediate support around 4535. In the event of a bearish break below this level, the SPX price is likely to be exposed to the 38.2% or 50% retracement levels, which are at 4506 and 4484 respectively.

An alternative scenario is a bullish break above the 4580 resistance level, which would likely expose the S&P 500 index towards the 468 or 466 resistance levels.

Therefore, we should monitor the 4535 level closely, as a bearish break below this support could present a selling opportunity. On the other hand, if the support holds, we can also consider a buying opportunity.

 S&P500 (SPX) - Trade Idea

Entry Price – Sell Stop 4524

Take Profit – 4483

Stop Loss – 4563

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$410/ -$390

Profit & Loss Per Micro Lot= +$41/ -$39

Daily Price Outlook

EUR/USD remained stagnant in recent sessions, trading within the 1.1105 support and 1.1170 resistance levels. The price must surpass either of these levels for clearer direction in its next targets.

As the price remains indecisive, a break below the support could lead to further declines targeting 1.1055 and 1.1000 levels. Conversely, breaching the resistance is crucial to resume the main bullish trend, aiming for 1.1275 and 1.1418 levels.

Expected trading range for today: 1.1050 (support) to 1.1210 (resistance).

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.11082

Take Profit – 1.12072

Stop Loss – 1.10615

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$990/ -$460

Profit & Loss Per Micro Lot = +$99/ -$46

Daily Price Outlook

The GBP/USD pair is currently experiencing downward pressure, trading below the 1.2935 level. This calls for cautious trading as a break below this level, followed by a breach of 1.2870, could signal further declines throughout the day, with a potential target of 1.2806.

However, the bullish trend scenario remains valid for today as long as the mentioned support levels hold. In this case, the price targets for GBP/USD start at 1.3010 and could extend to 1.3140 after surpassing the initial resistance.

The expected trading range for today is between the support level at 1.2870 and the resistance level at 1.3050.

The expected trend for today is bullish, provided that the support levels mentioned earlier remain intact.

GBP/USD - Trade Idea

Entry Price – Sell Limit 1.29502

Take Profit – 1.27496

Stop Loss – 1.30605

Risk to Reward – 1: 1.80

Profit & Loss Per Standard Lot = +$200/ -$110

Profit & Loss Per Micro Lot= +$20/ -$11

Daily Price Outlook

EUR/USD experienced a bearish sentiment in yesterday's session, leading it to settle near the 38.2% Fibonacci correction level of the last bullish wave.

The pair also moved below the EMA50, creating negative pressure that could result in further bearish correction.

However, there are positive signals from the stochastic indicator that may support a return to the main bullish trend.

The conflicting signals from the technical indicators prompt us to adopt a cautious stance and wait for clearer signals to determine the next trend.

It's important to note that breaching the support level at 1.1105 could lead to additional downside targets at 1.1055 and 1.1000.

Conversely, breaking the resistance at 1.1170 would signal a potential continuation of the main bullish trend, targeting 1.1275 and 1.1418 as the next main objectives.

Expected trading range for today: 1.1050 (support) to 1.1230 (resistance).

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.10998

Take Profit – 1.12003

Stop Loss – 1.10541

Risk to Reward – 1: 2.2

Profit & Loss Per Standard Lot = +$100/ -$45

Profit & Loss Per Micro Lot= +$10/ -$4

Daily Price Outlook

Gold prices closed below the level of $1977.25 yesterday, but they are currently consolidating above the intraday bullish channel. The presence of the EMA50 at this support level adds further strength to the consolidation.

Additionally, the stochastic indicator has reached the oversold areas and is showing positive overlapping signals.

Given these factors, we are inclined to suggest a bullish bias for the upcoming period. The initial targets are set at breaching $1977.25, which would reinforce the likelihood of the price heading towards $2000.00, followed by $2016.90 as the next positive milestones.

It's important to note that a break below $1967.40 would halt the expected rise and potentially lead to a decline in price.

The expected trading range for today is between the support level of $1960.00 and the resistance level of $1990.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Above 1970

Take Profit – 1996

Stop Loss – 1955

Risk to Reward – 1: 1.73

Profit & Loss Per Standard Lot = +$2600/ -$1500

Profit & Loss Per Micro Lot= +$260/ -$150

Daily Price Outlook

The AUD/USD pair starts the day with an upward rally, breaking above the 0.6780 level and indicating a potential return to the bullish trend. This movement is influenced by positive Australian economic data and supported by the stochastic indicator, suggesting a continuation of the bullish bias and aiming to achieve positive targets around 0.6924.

Therefore, further upward movement is anticipated in the upcoming sessions, unless there is a break below the 0.6780 level and a sustained hold below it.

For today's trading, the expected range is between the support level at 0.6780 and the resistance level at 0.6890.

Overall, the trend for today is expected to be bullish, but it is important to monitor the price action for any potential reversals or shifts in market sentiment.

AUD/USD - Trade Idea

Entry Price – Buy Limit 0.67819

Take Profit – 0.68930

Stop Loss – 0.67171

Risk to Reward – 1: 1.70

Profit & Loss Per Standard Lot = +$111/ -$64

Profit & Loss Per Micro Lot = +$11/ -$6

Daily Price Outlook

The price of gold has successfully surpassed the level of $1,977.25, closing the previous four-hour candlestick above it. This development indicates the potential for a continued bullish trend in the short-term and intraday scenarios. As a result, new target levels are now in focus, beginning at $2,000.00 and followed by $2,016.90.

The upward movement is supported by a bullish channel, which receives significant reinforcement from the EMA50 indicator. However, if the price breaks below the level of $1,977.25, the anticipated rise may be halted, leading to a potential reversal and a shift towards a decline.

For today's trading, it is expected that the support level will be around $1,970.00, while resistance is likely to be encountered at $2,005.00.

Overall, the outlook for today suggests a bullish trend in the gold market, but it is important to monitor the price action closely for any potential reversals or shifts in the market sentiment.

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Limit 1974

Take Profit – 1999

Stop Loss – 1960

Risk to Reward – 1: 1.79

Profit & Loss Per Standard Lot = +$2500/ -$1400

Profit & Loss Per Micro Lot = +$250/ -$140

Daily Price Outlook

The EUR/USD pair experienced negative trading yesterday and made an attempt to break the 1.1200 level. However, it later rebounded and remained above this level after finding support near 1.1170.

This keeps our bullish view intact, with further upward movement expected towards our next target at 1.1418.

The EMA50 indicator continues to provide support for the suggested bullish trend. To strengthen the positive outlook, a breakout above 1.1245 is necessary.

It is important to note that a break below 1.1200, followed by 1.1170, could exert corrective bearish pressure on the price, with initial targets around the 1.1105 area.

For today's trading, the expected range is between the support level at 1.1170 and the resistance level at 1.1310.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.12477

Take Profit – 1.10933

Stop Loss – 1.13392

Risk to Reward – 1: 1.16

Profit & Loss Per Standard Lot = +$154/ -$91

Profit & Loss Per Micro Lot= +$15/ -$9