Daily Price Outlook

The GBP/USD currency pair failed to stop its five-day losing streak and remained well offered around below 1.2150 mark as investors are worried that the UK's economy might go into a recession. This is mainly because the job market is not doing well, and people are not spending much money. It is worth recaling that the Bank of England was supposed to raise interest rates to control inflation, but now they might not do that, which could make prices go up even more.

Furthermore, the US dollar is performing strongly, further contributing to the GBP/USD decline. The Federal Reserve in the US is being cautious with its monetary policies, which is boosting the strength of the US dollar. Traders are closely watching for any changes in the UK's GDP data, but it's expected to remain stable.

BoE's Rate Pause Adds Pressure on GBP/USD Amid Economic Concerns

It's important to highlight that the Bank of England surprised everyone by halting its planned interest rate increases due to worries about the UK's struggling economy and rising uncertainty about inflation. The spike in global oil prices is also driving up energy costs, which could worsen inflation and possibly lead to a challenging situation called stagflation.

Investors are concerned about the global economy and the possibility of higher interest rates. In the UK, weak demand has led to job cuts by companies, even though wages are still rising, keeping inflation a concern. Despite strong wage growth and persistent inflation, the BoE is more focused on economic stability, as seen in its recent decision to pause rate hikes. Therefore, this unexpected move by the Bank of England has put pressure on the GBP/USD currency pair.

Impact on GBP/USD Pair Amid Strong US Dollar and Hawkish Federal Reserve

Despite mixed US economic data, the US dollar is strengthening. While US Consumer Confidence slipped in September, Building Permits and the House Price Index showed positive signs in August and July. The US dollar's resilience is mainly due to the Federal Reserve's hawkish stance on interest rates, boosting US Treasury yields, which are near a 14-year high at 4.51%. Traders are watching upcoming reports like US Durable Goods Orders and the Core PCE Price Index, expected to ease slightly from 4.2% to 3.9%.

The US Dollar Index (DXY) is at 106.30, its highest since last December. The Federal Reserve aims for a 25 basis point rate hike by year-end and rates above 5% next year, putting pressure on the GBP/USD pair as the robust US dollar outweighs lackluster US economic data.

GBP/USD - Technical Analysis

The GBP/USD pair has stabilized around the 1.2155 mark since this morning. As long as the price remains below the 1.2210 threshold, the bearish outlook continues to be the predominant forecast for the foreseeable future. This perspective is reinforced by the negative influence exerted by the EMA50. It's worth noting that our anticipated targets commence at 1.2135 and, upon surpassing this, extend to 1.2030.

For today, the projected trading range lies between a support of 1.2050 and a resistance of 1.2200.

Daily Price Outlook

During the European session on Wednesday, the EUR/USD pair failed to stop its losing streak and experienced a significant decline, dropping to around 1.0550, the lowest point since March 16. However, this marked a clear bearish phase for the pair. However, the reason for its downward trend could be linked to the bullish US dollar, which was backed by the Federal Reserve's hawkish stance. Consequently, the USD gained ground against major currencies, including the Euro. On the flip side, the European Central Bank (ECB) adopted a dovish approach regarding rate hikes, which weighed down the Euro. This dovish stance contributed to the potential for further losses for the EUR/USD pair.

Factors Driving the Strength of the US Dollar and its Impact on EUR/USD Pair

The broad-based US dollar has been gaining traction and is currently near a 10-month high. However, this surge is primarily driven by the belief that the Federal Reserve will maintain high interest rates for the future. The Federal Reserve recently hinted at the possibility of raising interest rates again within this year due to concerns about persistent inflation. Another factor that has been boosting the US dollar is the tendency of investors to seek safety in it during uncertain times. This behavior further adds downward pressure on the EUR/USD pair.

Factors Influencing EUR/USD Pair and Key Events to Monitor

Apart from this, the European Central Bank (ECB) recently hinted at maintaining low interest rates, which was seen as another key factor that has been weighing on the EUR/USD pair. Meanwhile, the ECB revised down its forecasts for inflation and economic growth in 2024 and 2025, indicating a slowdown in potential rate hikes. Moreover, there's also a growing discussion about a contraction in the economy later in the year, suggesting that the ECB's tightening policy might have reached its peak. All these factors has been pushing the EUR/USD pair down.

Looking ahead, traders are watching the German Consumer Confidence, US Durable Goods Orders, German inflation data, and final US economic growth numbers. Fed Chair Jerome Powell's speech and US price index at week's end will be key events to watch.

EUR/USD - Technical Analysis

The EUR/USD pair demonstrates an enhanced bearish tendency, progressively nearing our anticipated target of 1.0515. We project the persistence of this negative trajectory, aiming for further declines towards the 1.0440 zone.

Within the context of the bearish channel depicted on the chart, and backed by the downward pressure from the EMA50, the bearish outlook remains pertinent for the foreseeable future.

It's crucial to underscore that maintaining levels below 1.0635 is a primary prerequisite to realize these targets. Today's projected trading band spans from a support at 1.0470 to a resistance at 1.0620, with the prevailing sentiment being bearish.

Daily Price Outlook

Despite a risk-off sentiment in the market, gold is not finding much support as a safe-haven asset. Gold price (XAU/USD) has failed to stop its three-day losing streak and dropped to its lowest point since August 22. This decline marks the sixth negative move in the past seven days, with the price falling below the $1,900 mark. However, the main reason behind this downward trend appears to be the Federal Reserve's hawkish stance, which is strengthening the US dollar and weighing on the value of gold. In the meantime, the weaker risk tone fails to support the safe-haven XAU/USD.

US Dollar Strength and Its Impact on Gold Prices

The broad-based US dollar has been gaining traction and remained well-bid, reaching its highest value in 10 months. However, this surge comes after the Federal Reserve hinted that they plan to keep interest rates higher for a longer time, making the dollar more attractive. Although, this has not been good news for gold prices, which have taken a hit. It is worth recalling that Fed officials mentioned the probability of another interest rate hike by year-end, which has fueled this upward trend.

At the same time, the growing anticipation of higher interest rates has caused the yield on the 10-year US government bond to climb to levels not witnessed since 2007. This development has pushed down gold prices because investors are turning to assets that offer higher returns, which makes gold less appealing in comparison.

Gold's Unusual Behavior Amid Market Sentiment and Economic Indicators

Despite the cautious mood in the market, gold is not getting its usual boost as a safe-haven asset. However, the latest data from the US shows that in September, consumer confidence hit a four-month low. This drop is causing concerns because it suggests that consumers are feeling the pressure of high inflation and rising interest rates.

Furthermore, the ongoing worries about a possible real estate crisis in China, the world's second-largest economy, are making investors more cautious about taking risks with their investments. These global worries are breaking the usual pattern where gold tends to do well during uncertain times. Investors are adjusting to these complex factors, and it's reshaping the financial landscape in unexpected ways.

Looking ahead, gold traders are keeping an eye on the US Core Personal Consumption Expenditure (PCE) Price Index, a key measure for consumer inflation used by the Fed. This Friday, the annual figure is expected to drop from 4.2% to 3.9%. Traders will use this information to identify trading opportunities and make decisions regarding gold prices.

GOLD(XAU/USD) - Technical Analysis

The price of gold decisively surpassed the $1913.15 mark, stabilizing below it, and has now approached the $1900.00 threshold. This strengthens the interim bearish outlook, setting sights on potential descents to $1890.00, followed by a further decline to the $1875.00 mark.

Given this trajectory, we anticipate a continued decline in the forthcoming sessions, bolstered by the downward momentum exhibited by the EMA50. It's pivotal to highlight that any breach of the $1913.15 level would negate this bearish perspective, prompting the gold price to initiate intraday recovery maneuvers.

For today, the projected trading span is set between a support of $1880.00 and a resistance at $1913.00. The prevailing trend for the day is anticipated to be bearish.

Daily Price Outlook

During the early European session on Tuesday, the USD/JPY currency pair has been gaining traction and is trading near 148.90, which is close to an 11-month high. However, the reason for its surge can be attributed to the strengthening of the US Dollar, driven by cautious market sentiment and higher US Treasury yields.

Investors are considering the Federal Reserve's hawkish stance on the trajectory of interest rates, and this is factored into their trading decisions. Hence, the anticipation of higher interest rates in the US is bolstering the USD/JPY pair.

USD/JPY Currency Pair Poised for Strength Amid Surging US Dollar and High Yields

The broad-based US dollar, as represented by the US Dollar Index (DXY), has been surging above 106.00, hitting its highest point since November. However, this uptrend was mainly driven by the strong performance of US Treasury yields. Specifically, the yield on the 10-year US bond note has reached 4.56%, a level not seen since October 2007. This increase reflects the expectation of sustained high interest rates, underpinned by the resilience of the US economy.

In the meantime, the US Federal Reserve has signaled its readiness to implement further interest rate hikes if necessary, bolstering the dollar's strength more. Hence, this action is likely to favor a bullish outlook for the USD/JPY currency pair.

Challenges for Japanese Yen (JPY) Amid BoJ Policy and Economic Choices

On the flip side, the Japanese Yen (JPY) is facing challenges as the Bank of Japan (BoJ) sticks with its super-low monetary policy to help the economy reach a 2% inflation goal. This suggests the central bank is not rushing to reduce its massive stimulus efforts. Japanese Finance Minister Shunichi Suzuki recently discussed Japan's economic situation, highlighting a crucial choice between boosting consumption or encouraging wage growth.

Yoshitaka Shindo, Japan's new Economy Minister, stressed that it's not easy to foresee whether just spending more money by the government will make prices go up. He also highlighted that it's crucial for the currency to move steadily in line with the country's economic basics. Furthermore, Bank of Japan (BoJ) officials underscored that they're willing to wait and keep using strategies like making more money available, which could make the Yen less strong and benefit the USD/JPY pair.

USD/JPY - Technical Analysis

The USD/JPY currency pair is persistently advancing, currently nearing our anticipated target of 149.00. We foresee this bullish momentum extending beyond this level, potentially aiming for the significant milestone at 150.00.

Underpinned by the EMA50's support, our bullish outlook remains intact for the foreseeable future. It's essential to emphasize that sustaining this upward trajectory necessitates the pair remaining above the 147.90 mark.

Today's projected trading boundaries lie between a support at 148.30 and a resistance at 149.80, with an overall bullish sentiment prevailing.

Daily Price Outlook

Despite the US dollar's strong performance and concerns surrounding a property crisis in China, the AUD/USD currency pair managed to bounce back from near the 0.6400 level during the European session on Tuesday. It has reached a fresh daily high, trading around 0.6425, with a modest 0.10% gain for the day.

AUD/USD pair has remained within a familiar trading range for about two weeks. However, the US dollar's bullish trend, driven by the Federal Reserve's hawkish outlook, is limiting the pair's gains, while worries about the property crisis in China are holding back Australian dollar bulls from making fresh investments.

The US Dollar's Strength and Challenges for AUD/USD

The broad-based US dollar has been gaining momentum, hitting its highest level since December 2022. Although, the recent pause in its upward trend is offering some temporary relief to the AUD/USD currency pair. However, the overall strength of the US dollar is mainly due to the Federal Reserve's hawkish stance. Furthermore, the ongoing concerns about a property crisis in China are weighing down the Australian dollar and contributing to the AUD/USD pair losses.

Federal Reserve's Hawkish Stance and its Impact on AUD/USD

It is worth noting that Federal Reserve has maintained a hawkish stance, highlighting its commitment to keeping interest rates higher for an extended period. It anticipates at least one more rate hike this year, backed by influential FOMC members who stress the importance of higher borrowing costs in controlling inflation and reaching the 2% target.

Furthermore, the Fed is considering only two interest rate cuts in 2024, down from the previously projected four cuts. This policy shift is also pushing up yields on US Treasury bonds. Hence, these factors contribute to the continued strength of the US dollar and create challenges for the AUD/USD pair in achieving a significant recovery.

Looking forward, traders are anticipating upcoming US economic data releases, including the Consumer Confidence Index, New Home Sales, and the Richmond Manufacturing Index, which could provide fresh direction for currency pair.

AUD/USD - Technical Analysis

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.

Daily Price Outlook

Gold price (XAU/USD) failed to stop its losing streak and declined to $1,910 per troy ounce in the early European session on Tuesday. However, the reason for its downward rally could be linked to the ongoing strength of the US Dollar and rising US Treasury yields. Meanwhile, the Federal Reserve's more hawkish stance was seen as another key factor that has been putting downward pressure on Gold prices.

Fed's Inflation Concerns and Strong US Dollar Impacting Gold

It is worth noting that the Federal Reserve recently warned that inflation in the United States is still a concern. This means they might increase interest rates one more time by the end of the year. Furthermore, most Fed officials now expect only two interest rate cuts in 2024, down from the previous estimate of four. Hence, this news, along with strong economic data in the US, suggests that the Fed could make borrowing money more expensive.

Furthermore, Minneapolis Fed President Neel Kashkari even suggested that they might need to keep interest rates high for a while to control inflation. This "hawkish" stance is making the US dollar stronger and causing the price of gold to drop.

The broad-based US dollar has gained significant strength in recent times, with the US Dollar Index (DXY) now hovering near 106.00. This marks its highest level since November. In the meantime, the yield on the 10-year US Treasury note has surged to 4.55%, a level not witnessed since October 2007.

Investors seems worried that higher interest rates could damage the economy by making it more expensive to borrow money. Apart from these worries, the concerns about a housing crisis in China are contributing to instability in the stock markets. Interestingly, this instability was seen as one of the key factor that kept the lid on any additional losses in the gold price.

Government Shutdown Concerns and Gold's Safe-Haven Appeal

US President Joe Biden and one of his top advisers are worried about a possible government shutdown if the federal government can't agree on its budget. This could cut food help for 7 million low-income women and kids. Biden and House Speaker Kevin McCarthy talked about government spending, but the Republican-led House wants cuts. The uncertainty of a shutdown might make people turn to safe assets like gold, which could help prevent a big drop in its price.

Looking forward, investors will closely monitor key economic data like US Consumer Confidence, Durable Goods Orders, Jobless Claims, and the Core PCE Price Index. These releases will offer insights into inflation trends and may affect the Federal Reserve's policies, potentially influencing Gold prices.

GOLD(XAU/USD) - Technical Analysis

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.

Daily Price Outlook

During the early European session, the EUR/USD pair struggled to gain momentum and remained stuck in a narrow trading range around the mid-1.0600s. However, the reason for its decline can be attributed to the Federal Reserve's hawkish outlook, which is boosting the US Dollar and limiting the Euro's gains. Besides this, the ongoing concerns about a looming recession and the European Central Bank's dovish approach to interest rate hikes were adding downward pressure on the EUR/USD pair.

Strong US Dollar and Its Impact on EUR/USD Pair

The broad-based US dollar maintained its upward ground and hitting a six-month high due to the Federal Reserve's hawkish stance. it is worth noting that the Fed recently confirmed that it plans to keep interest rates high for an extended period and expects to raise rates again by the end of the year to tackle persistent inflation. Furthermore, the Fed's projection of two rate cuts in 2024, down from the previous estimate of four, supports higher US Treasury bond yields. Notably, the two-year US government bond yield is at its highest level since 2006, and the 10-year Treasury yield is near a 16-year peak.

These factors, along with concerns about a property market crisis in China, bolster the safe-haven US Dollar and contribute to the EUR/USD pair losses.

ECB's Cautious Stance and Its Impact on EUR/USD Pair

Another factor that has been impacting the EUR/USD pair is the European Central Bank's (ECB) cautious stance on interest rates, which is pulling down the shared currency. Last Thursday, the ECB made a dovish rate decision, which has put pressure on the Euro and prevented the pair from recovering from a multi-month low. Meanwhile, ECB lowered its forecasts for inflation (CPI) and economic growth (GDP) in 2024 and 2025.

Moreover, the Eurozone's Purchasing Managers' Index (PMI) released on Friday showed that the manufacturing sector is still struggling, which raises concerns about the possibility of an economic downturn in the second half of the year. Therefore, these developments strengthen the belief that further interest rate hikes are unlikely, which weighed on EUR/USD currency pair.

EUR/USD - Technical Analysis 

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)

Daily Price Outlook

During the early European session on Monday, the price of gold (XAU/USD) failed to maintain its upward rally and dipped to $1,920 level. However, this drop was mainly influenced by the strength of the US dollar against other currencies. Notably, the broad-based US dollar has been rising for ten weeks and is now around 105.55, close to its highest level since March 2023. However, the increase in the US dollar's value is mainly due to expectations of higher interest rates in the US. It is worth mentioning that the rising interest rates make non-yielding assets like gold less attractive to investors, resulting in a negative outlook for XAU/USD.

US Economic Concerns Amidst Rate Hikes and Inflation

The latest Purchasing Managers Index (PMI) report, released last Friday, raised concerns about the demand in the US economy. These worries follow a series of interest rate hikes and a rise in inflation. According to the latest data, the S&P Global Manufacturing PMI for the US showed a slight improvement, rising from 47.9 in August to 48.9 in September, suggesting a continued contraction in the manufacturing sector. In the meantime, the Services PMI dipped slightly from 50.5 to 50.2, and the Composite PMI also declined marginally from 50.2 to 50.1 in August.

During the latest Federal Open Market Committee (FOMC) meeting, it was decided to maintain interest rates within the range of 5.25% to 5.50%. However, notable discussions during the meeting indicated that the majority of members predict upcoming rate hikes later in the year. Susan Collins and Mary Daly, who preside over the Federal Reserve Banks of Boston and San Francisco, highlighted in their remarks that while inflation seems to be moderating, they believe that additional rate hikes will remain necessary to ensure economic stability and address any lingering concerns.

Therefore, The possibility of upcoming rate hikes by the FOMC may lead to downward pressure on gold prices as higher rates can make non-interest-bearing assets like gold less attractive to investors.

Upcoming US Economic Indicators: Impact on XAU/USD and Gold Prices

Looking forward, traders are closely watching US economic indicators. The Q2 GDP Annualized release on Thursday and the Core PCE Price Index on Friday, expected to dip from 4.2% to 3.9%, will influence XAU/USD dynamics.

GOLD(XAU/USD) - Technical Analysis

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.

Daily Price Outlook

The GBP/USD currency pair failed to stop its bearish rally and faced further downward trend due to concerns over the UK's weak economy and rising inflation risks. It is worth noting that the Bank of England unexpectedly paused its plan to increase interest rates, hinting at possible economic slowdown. On the other hand, the US Dollar gained strength as the Federal Reserve hinted at more rate hikes. This made the Pound weaker against the Dollar. Federal Reserve Bank officials highlighted the need for more rate hikes despite a cooling inflation. This added pressure on the GBP/USD pair, making it challenging for the Pound to gain ground against the Dollar.

UK Economic Weakness and GBP/USD Decline

It is worth mentioning that the UK economy is getting weaker and the reason could be attributed to the uncertainty about interest rates and upcoming elections. However, the UK Prime Minister, Rishi Sunak, promised to lower inflation to 5.3% by the end of the year, but the Bank of England's recent decision to pause increasing interest rate suggests they might struggle to keep that promise.

Furthermore, the higher interest rates have hit the UK's economic activities, causing a decline in manufacturing and services PMI. Services PMI has dropped below the critical 50.0 mark for the second consecutive time, indicating a struggle for the service sector.

These factors are concerning for the UK's economic strength. Therefore, the GBP/USD currency pair faced a decline as uncertainty about interest rates and weak economic indicators in the UK persisted.

Strong US Dollar Impacts GBP/USD Pair

Another factor affecting the GBP/USD pair is the strong US dollar. This is mainly because the US Federal Reserve has taken a tough stance on raising interest rates to control inflation. They want to keep interest rates high for a longer time to control inflation and have even hinted at raising rates again by the end of the year. This has made investors more interested in US bonds, pushing their yields to levels not seen since 2007. Plus, with global uncertainty, the US dollar is seen as a safe choice. Consequently, these factors have exerted pressure on the GBP/USD pair, resulting in the US Dollar gaining strength against the British Pound (GBP).

GBP/USD - Technical Analysis

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.

Daily Price Outlook

The global market is currently showing mixed sentiment with a hint of caution. Asian markets, in particular, are displaying this mixed sentiment with a slightly negative bias. This caution is primarily due to concerns about the US Federal Reserve's recent hawkish stance on interest rate increases. Investors are carefully watching how this might affect the overall trajectory of interest rates, which is contributing to the uncertainty and mixed feelings in the markets.

Market Sentiment Impacted by Federal Reserve's Hawkish Stance and Strong USD

It's important to note that the broad-based US Dollar remains strong due to the Federal Reserve's hawkish stance. They have maintained high interest rates, hinting at a potential hike this year and fewer rate cuts in 2024. This has pushed US Treasury bond yields, affecting the market sentiment. Also, an unexpected drop in US weekly jobless claims added to the momentum. However, the Fed's plan to maintain higher rates for an extended duration raises worries regarding its potential impact on the economy.

The news has underminned market sentiment, as investors are concerned about the economic effects of the Federal Reserve's commitment to keeping interest rates high for an extended period.

Global Market Snapshot and Potential Impact on S&P 500

China's SSE Composite Index is up by 0.68% to 3,105, and Shenzhen Component Index has risen by 1.02% to 10,083. Hong Kong's Hang Seng Index is at 17,846, showing an increase. However, Tokyo's Nikkei 225 is down by 0.42% at 32,433, and South Korea's Kospi is down by 0.30%. Taiwan's Weighted Index has improved by 0.21%.

In Australia, the ASX 200 is down by 0.14% due to low commodity prices affecting the mining sector. Japan's Nikkei 225 index initially dropped after the Bank of Japan's decision to maintain its dovish monetary policy, disappointing investors anticipating hawkish signals.

In India, the Nifty 50 index has advanced to 19,761, showing a gain of 0.10%. However, caution persists due to rising tensions in the diplomatic dispute between India and Canada, linked to allegations surrounding a Sikh secessionist leader's killing.

Hence, the positive trends in China's and Hong Kong's markets may bolster global sentiment, potentially impacting the S&P 500 positively. Conversely, Japan and South Korea's downturns, along with caution in India, might introduce a hint of uncertainty.

GOLD(XAU/USD) - Technical Analysis

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.