Daily Price Outlook

• Gold prices show resilience around the $1,930.00 level, indicating modest bullishness.
• The potential for an uptrend to resume on an intraday basis remains, with an initial target at $1,913.15 and a further target at $1,873.50.
• Sustaining a position above $1,929.00 is crucial for maintaining upward momentum, and a break above $1,945.20 could lead to short-term gains.

Gold prices remain modestly bullish around the $1,930.00 level, demonstrating resilience below $1,934. Despite a slight loss of positive momentum indicated by the stochastic indicator, there is potential for the expected uptrend to resume on an intraday basis.

The initial target for this bullish move is at $1,913.15, with a break above this level possibly pushing the price towards the next significant target at $1,873.50.

Sustaining a position above $1,929.00 is crucial to maintain the anticipated upward momentum. If the price successfully breaches this level, it could lead to short-term gains, with the $1,945.20 level becoming a potential testing ground before any renewed negative attempts.

For today's trading, the projected range is expected to be between the support level at $1,905.00 and the resistance level at $1,940.00.

Overall, the outlook for today suggests a bullish trend in the gold market.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Stop 1935

Take Profit – 1945

Stop Loss – 1927

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$1000/ -$800

Profit & Loss Per Micro Lot = +$100/ -$80

Daily Price Outlook

• The GBP/USD pair rallied strongly, surpassing the 1.2780 level and reaching a high of 1.2848.
• Today, we anticipate a continuation of the bearish bias, with the price likely to test the key support level of 1.2720.
• The expected trading range for today is between the support level at 1.2720 and the resistance level at 1.2880.

The GBP/USD pair experienced a strong upward rally in recent sessions, breaking the 1.2780 level and reaching a new high at 1.2848. However, the price encountered solid resistance at this level, resulting in a bearish bias supported by stochastic negativity.

As a result, we anticipate a continuation of the bearish bias today, with the price likely to test the key support level of 1.2720. It's important to note that a breach of 1.2848 would halt the expected decline and potentially lead to a resumption of the main bullish trend.

For today's trading, the expected range is between support at 1.2720 and resistance at 1.2880.

Overall, the trend for today is expected to be bearish.

GBP/USD Price Chart – Source: Tradingview

GBP/USD - Trade Idea

Entry Price – Sell Limit 1.27819

Take Profit – 1.28544

Stop Loss – 1.27266

Risk to Reward – 1: 30

Profit & Loss Per Standard Lot = +$725/ -$553

Profit & Loss Per Micro Lot = +$72/ -$55

Daily Price Outlook

• Gold prices are currently around the $1929.00 level, with stochastic indicators showing clear negative signals, suggesting a continuation of the expected bearish wave on both the intraday and short-term basis. The next main target is $1873.50.
• Breaking below the key resistance level of $1913.15 is important to confirm the downward movement and potentially lead to additional gains.
• The expected trading range for today is between support at $1900.00 and resistance at $1935.00.

Gold prices are currently hovering around the $1929.00 level, with stochastic indicators showing clear negative signals. This suggests that there is a likelihood of the expected bearish wave continuing on both the intraday and short-term basis. The next main target to watch for is $1873.50.

To confirm the downward movement, it is important for the price to break below $1913.15. This level serves as a key initial resistance, and a breach of this level would indicate the potential for additional gains and a test of the significant resistance at $1945.20, before any new negative attempts.

For today's trading, the expected range is between support at $1900.00 and resistance at $1935.00.

Overall, the trend for today is expected to be bearish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1920

Take Profit – 1930

Stop Loss – 1915

Risk to Reward – 1: 2

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

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

Daily Price Outlook

• EURUSD closed above 1.0940, indicating a shift towards an upward trend and potential bullish wave towards 1.1075.
• Breaking below 1.0940 could stop the bullish wave and result in a price decline.
• Today's trading range: support at 1.0900, resistance at 1.1050.

Last Friday, the EURUSD pair closed above the 1.0940 level, signaling a shift towards an upward trend and paving the way for a bullish wave on the intraday basis. The next target to watch is 1.1075, indicating further upside potential.

With the price moving above the EMA50, the overall bias remains bullish in the upcoming sessions. However, some sideways movement may occur due to stochastic negativity. It's important to wait for positive momentum to confirm the achievement of the expected target.

On the flip side, breaking below 1.0940 would halt the suggested bullish wave and potentially lead to a price decline.

For today's trading, the expected range is between 1.0900 support and 1.1050 resistance.

Overall, the trend for today is expected to be bullish.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.09722

Take Profit – 1.09312

Stop Loss – 1.09922

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$410/ -$200

Profit & Loss Per Micro Lot = +$41/ -$20

Daily Price Outlook

Yesterday, the GBP/USD pair displayed a mix of trading patterns, initially rising strongly to reach the 1.2780 level, but quickly retracing downwards to test the 1.2675 areas.

It is worth noting that the price currently holds above the crucial support level at 1.2720, indicating an attempt to regain the main bullish trend.

However, the price is currently confined within a rising wedge pattern, which could potentially lead to a correctional bearish movement.

Given the conflicting technical factors, we maintain a neutral stance until we receive clearer signals for the next trend.

Breaking below 1.2720 would likely push the price towards the next correctional station at 1.2640, while surpassing 1.2760 would be key to achieving new gains, potentially targeting the 1.2850 areas.

For today's trading, we anticipate the price to move within a range of support at 1.2640 and resistance at 1.2820.

Overall, the expected trend for today is neutral, considering the current market conditions.

GBP/USD Price Chart – Source: Tradingview

GBP/USD - Trade Idea

Entry Price – Buy Stop 1.27679

Take Profit – 1.28362

Stop Loss – 1.27044

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$683/ -$635

Profit & Loss Per Micro Lot = +$68/ -$63

Daily Price Outlook

• The S&P 500 opened with a significant downside gap and closed lower, with the $4400 level acting as a crucial support.
• The ascending triangle pattern observed on the daily and four-hour time frames indicates a strong possibility of a continued bullish trend.
• A breakout above $4450 could lead to the $4480 level, while a breakdown below $4400 may result in a decline towards $4360 or even lower to $4330.

Taking a look at the technical analysis of the S&P 500, it opened with a significant downside gap and closed lower.

The $4400 level appears to be a crucial support, as indicated by the ascending triangle pattern observed on the daily and four-hour time frames.

This pattern suggests a strong possibility of a continued bullish trend. Furthermore, the presence of the 50-day exponential moving average acts as a support zone, reinforcing the positive sentiment in the S&P 500.

Today's forecast suggests that the price is likely to remain around the $4400 level, with a potential target of $4450.

A successful breakout above this level could expose the S&P 500 to the $4480 level. On the other hand, a breakdown below the $4400 level may lead to a decline towards $4360 or even lower towards the $4330 level.

SPX Price Chart – Source: Tradingview

S&P500 (SPX) - Trade Idea

Entry Price – Buy Above 4400

Take Profit – 4450

Stop Loss – 4360

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$500/ -$400

Profit & Loss Per Micro Lot = +$50/ -$40

Daily Price Outlook

• Gold prices continue to exhibit a bearish trend as they closed below the $1913.15 level, with a potential decline towards the next target at $1873.50.
• The EMA50 acts as a reinforcing factor for the bearish momentum, and a breakthrough of $1907.00 would support reaching the expected target.
• Today's trading range is expected to be between support at $1890.00 and resistance at $1925.00.

Gold prices concluded the previous session below the $1913.15 level, confirming the prevailing bearish trend in the short term. The price is aiming to re-enter the bearish channel observed on the chart and potentially extend the decline towards the next target at $1873.50.

The presence of the EMA50 continues to reinforce the suggested bearish momentum, and a breakthrough of $1907.00 would facilitate the achievement of the anticipated target. However, if the price surpasses $1913.15, it would be considered a positive development, leading to potential recovery attempts targeting $1929.00 and potentially reaching $1945.20 before any new downward move.

For today's trading, we anticipate the price to move within a range of support at $1890.00 and resistance at $1925.00.

Overall, the forecasted trend for today remains bearish, reflecting the current market sentiment.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1910

Take Profit – 1920

Stop Loss – 1900

Risk to Reward – 1: 1

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

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

Daily Price Outlook

• Gold prices resume decline, hovering around $1913.15 level
• Bearish trend expected as price remains below EMA50
• Price range for today: Support at $1895.00, Resistance at $1930.00

Gold prices have decided to take a detour from their recent positive streak and are currently back on the decline, hovering around the $1913.15 level. If the price manages to break through this level, it will confirm a return to the bearish channel and could pave the way for further downward movement towards the $1873.50 areas.

While the price continues to sway below the EMA50, supporting the expected bearish trend, it might engage in some sideways movements before finding the necessary momentum to push lower and resume the anticipated bearish wave.

In the bigger picture, we maintain a bearish outlook for the foreseeable future, closely monitoring the price's behavior below the $1929.00 level.

For today's trading adventure, we anticipate the price to wander within a range of $1895.00 as a support level and $1930.00 as a resistance level.

So, the forecasted trend for today remains bearish, and we will be eagerly observing how gold unveils its enchanting moves.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1915

Take Profit – 1932

Stop Loss – 1900

Risk to Reward – 1: 1.13

Profit & Loss Per Standard Lot = +$1700/ -$1500

Profit & Loss Per Micro Lot = +$170/ -$150

Daily Price Outlook

• The S&P 500 index shows consolidation above a crucial support area of 4,440, indicating a strong likelihood of a continuing bullish trend.
• Positive confirmation of this breakthrough is seen through a bullish candle closing above the support level, while resistance levels at 4,511 and 4,525 become the next targets to watch.
• Support from key indicators like the exponential moving average, relative strength index, and moving average convergence divergence align with the prevailing bullish sentiment, suggesting the upward trend is expected to persist.

On Thursday, the S&P 500 index is currently in an exciting phase, as it consolidates above a key support area of 4,440. The candles closing above this level indicate a strong possibility of the ongoing bullish trend continuing its upward journey. It's like the index is putting on a bullish show for us!

To further confirm this breakthrough, we can see a bullish candle that has closed above the mentioned support level. This adds more fuel to the bullish fire. As we look ahead, our eyes should be on the next resistance levels at 4,511 and 4,525. These levels might act as hurdles for the index as it reaches for new heights.

However, we must also keep in mind that a breach of the support at 4,440 could have a significant impact, potentially triggering a substantial downward movement. In such a scenario, we anticipate a strong support level around 4,395 coming into play.

Given all this excitement, it becomes crucial for us to closely monitor the 4,440 level. It holds the potential to be a turning point for today's trading activities. So let's keep our eyes peeled and enjoy the thrill ride of the S&P 500 index!

SPX Price Chart – Source: Tradingview

S&P500 (SPX) - Trade Idea

Entry Price – Buy Above 4440

Take Profit – 4500

Stop Loss – 4408

Risk to Reward – 1: 1.93

Profit & Loss Per Standard Lot = +$600/ -$311

Profit & Loss Per Micro Lot = +$60/ -$31

Daily Price Outlook

• EURUSD pair shows bearish momentum, breaking intraday bullish trend line
• Initial target at 1.0745, closely monitor for potential further decline to 1.0630
• Breaching 1.0870 would invalidate bearish scenario, signaling potential resumption of bullish trend

The EURUSD pair kicked off the trading session today with a noticeable bearish tone, breaking the intraday bullish trend line and hinting at a potential slide throughout the day.

Our initial target for this downward move is around 1.0745, but keep a close eye on that level—it's a key point to watch. If the price manages to break below 1.0745, we might witness an extension of the bearish momentum, setting our sights on the 1.0630 area as the next major support level.

So, for today, we're leaning towards a bearish bias, and the fact that the price is trading below the EMA50 supports this view. However, it's worth noting that if we see a breakthrough above 1.0870, it could invalidate the negative scenario and potentially revive the main bullish trend.

In terms of the expected trading range, we anticipate it to fluctuate between the support level of 1.0730 and the resistance level of 1.0875.

All in all, the forecast for today's trend in the EURUSD pair points to a bearish outlook. So buckle up and let's see how the market unfolds!

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Above 1.08380

Take Profit – 1.09134

Stop Loss – 1.07992

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$754/ -$388

Profit & Loss Per Micro Lot = +$75/ -$38