Daily Price Outlook

After a resilient rally that brought the gold price (XAU/USD) close to $1,960.00 on Thursday, the market is currently exhibiting a lack of clear direction. Despite the June report on the Producer Price Index (PPI) indicating a slowdown in household demand and the maintenance of the 2% inflation target, the precious metal has been unable to capitalize on these developments.

The price of gold is attempting a recovery despite a significant decline in the US Dollar Index (DXY). The DXY has breached its psychological support level of 100.00 and is currently trading at 99.65. This decline in the USD Index has been fueled by growing expectations that the Federal Reserve (Fed) will announce only one interest rate hike for the remainder of the year.

Contrary to market expectations, Fed Governor Christopher Waller believes that two additional interest rate increases are necessary to bring inflation down to 2%. Waller's hawkish comment has given the US Treasury yields some additional strength, with the 10-year US Treasury note yield currently hovering around 3.77%.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices have entered a period of consolidation since yesterday, as they await a favorable momentum to resume the expected bullish movement on an intraday basis. The target for this upward movement is set at $1,977.25.

We anticipate surpassing this level and reaching additional positive targets, supported by the completion of a double bottom pattern and the presence of the EMA50 indicator.

However, it is important to monitor the price closely, as a break below the levels of $1,945.20 and $1,935.60 would disrupt the anticipated rise and trigger a decline in the market.

For today's trading, the projected range is expected to be between the support level at $1,950.00 and the resistance level at $1,985.00.

Overall, the trend for today remains bullish, but caution is advised and close attention should be paid to any potential breakouts or reversals in the price.

Daily Price Outlook

• The GBPUSD pair continues its bullish rally, targeting the next level at 1.3200 after surpassing the previous target at 1.3080.
• The projected trading range for today is expected to be between 1.3070 as support and 1.3220 as resistance.
• While the overall trend remains bullish, caution is advised due to the possibility of a bearish correction below 1.31451.

The GBPUSD pair continues its bullish rally, surpassing our anticipated target at 1.3080 and paving the way for further upward movement. Our next target is set at 1.3200, but it is important to note that there may be some sideways fluctuations influenced by negative stochastic signals. However, we anticipate positive momentum to emerge, pushing the price towards the awaited targets.

However, it is worth mentioning that a bearish correction could be expected if the price falls below the level of 1.31451. This correction would suggest a temporary reversal in the overall bullish trend.

Therefore, while maintaining a generally bullish outlook for the upcoming period, it is crucial to monitor the price's behavior around the support level at 1.31451. A break below this level could indicate a shift towards bearish sentiment.

The projected trading range for today is expected to be between the support level at 1.3070 and the resistance level at 1.3220.

Overall, the expected trend for today remains bullish, but caution should be exercised in light of the potential for a bearish correction under 1.31451. GBP/USD Price Chart – Source: Tradingview Select an Image

GBP/USD - Trade Idea

Entry Price – Sell Limit 1.31470

Take Profit – 1.30484

Stop Loss – 1.32129

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$986/ -$659

Profit & Loss Per Micro Lot= +$98/ -$65

Daily Price Outlook

• Gold prices are currently trading sideways, awaiting a positive momentum to resume the anticipated bullish movement towards the target of $1,977.25.
• Surpassing the mentioned level is anticipated, with further positive targets expected, supported by the completion of a double bottom pattern and the EMA50.
• A break below the levels of $1,945.20 and $1,935.60 would halt the expected rise and trigger a decline in gold prices.

Gold prices have been trading sideways since yesterday, waiting for a positive momentum to resume the expected bullish movement on an intraday basis, targeting a test of $1,977.25.

It is worth noting that we anticipate surpassing this level and reaching additional positive targets, supported by the completion of a double bottom pattern and the EMA50.

However, if the price breaks below the levels of $1,945.20 and $1,935.60, it would interrupt the anticipated rise and lead to a decline.

The projected trading range for today is expected to be between the support level at $1,950.00 and the resistance level at $1,985.00.

Overall, the expected trend for today is bullish.

GOLD Price Chart – Source: Tradingview

GOLD (XAU/USD) - Trade idea

Entry Price – Sell Limit 1964

Take Profit – 1945

Stop Loss – 1972

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1900/ -$800

Profit & Loss Per Micro Lot = +$190/ -$80

Daily Price Outlook

• The EUR/USD pair is approaching our target at 1.1275, indicating further upward movement in the short and medium term.
• The ongoing ascent is supported by the EMA50, but it is important to hold above 1.1130 to sustain the bullish trend.
• Today's projected trading range for the EURUSD pair is between 1.1170 (support) and 1.1320 (resistance), suggesting potential price fluctuations within this range.

The EUR/USD pair is approaching our target at 1.1275, indicating further upward movement in the short and medium term.The ongoing ascent is supported by the EMA50, but it is important to hold above 1.1130 to sustain the bullish trend.Today's projected trading range for the EURUSD pair is between 1.1170 (support) and 1.1320 (resistance), suggesting potential price fluctuations within this range.

The EUR/USD pair is exhibiting further upward movement, nearing our anticipated target at 1.1275. The path appears to be clear for continued ascent and the possibility of achieving additional gains in the short and medium term, with a potential next major milestone at 1.1418.

Hence, we anticipate witnessing additional upward movement in the upcoming sessions, supported by the EMA50. It is important to note that maintaining levels above 1.1130 is crucial for sustaining the bullish wave, as breaking below this level would introduce a negative factor that could initiate a bearish correction on an intraday basis.

The projected trading range for today is expected to fall between the support level at 1.1170 and the resistance level at 1.1320.

Overall, the expected trend for today is bullish.

EUR/USD Price Chart – Source: Tradingview Select an Image

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.12632

Take Profit – 1.11016

Stop Loss – 1.13322

Risk to Reward – 1: 2.3

Profit & Loss Per Standard Lot = +$1616/ -$690

Profit & Loss Per Micro Lot= +$161/ -$69

 Read More: EUR/USD Price Analysis

Daily Price Outlook

• Gold prices have rallied strongly, confirming a breach of the $1945.20 level.
• The formation of a double bottom pattern supports the potential for further upward movement.
• The EMA50 provides support for a continued bullish bias on the intraday basis.

Gold prices have demonstrated a strong bullish rally, confirming a breakthrough of the $1945.20 level. Upon closer analysis of the chart, it can be observed that the price has completed the formation of a double bottom pattern, indicating the potential for further upward movement in the upcoming sessions.

Our next target is positioned at $1977.25, and surpassing this level would be the key to rallying towards $2000.00, followed by the $2016.90 area as additional positive targets.

Consequently, we anticipate a continued bullish bias on the intraday basis, supported by the presence of the EMA50, which is providing upward momentum. It is important to note that a break below $1945.20 would halt the suggested rise and potentially lead the price back into a bearish track.

The projected trading range for today is expected to be between the support level at $1950.00 and the resistance level at $1980.00.

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

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1955

Take Profit – 1970

Stop Loss – 1945

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100

Daily Price Outlook

• The EUR/USD pair maintains a persistent bullish bias, approaching the target at 1.1184.
• The breakthrough of the bullish channel's resistance supports the continuation of the upward trend.
• The EMA50 provides support for further upward movement.

The EUR/USD pair exhibits a persistent bullish bias, gradually approaching our anticipated target at 1.1184. This bullish momentum is further supported by the breakthrough of the resistance of the bullish channel depicted on the chart, indicating the likelihood of a continued upward trend in the short-term and medium-term. Further gains are expected, potentially reaching 1.1275.

Consequently, we anticipate further upward movement in the upcoming sessions, underpinned by the support provided by the EMA50. It is important to note that a break below 1.1075 would halt the expected rise and potentially lead to a bearish correction before resuming the bullish wave.

The projected trading range for today is expected to be between the support level at 1.1080 and the resistance level at 1.1235.

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

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.11155

Take Profit – 1.11806

Stop Loss – 1.10544

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$651/ -$611

Profit & Loss Per Micro Lot = +$65/ -$61

Daily Price Outlook

• Bitcoin faces resistance below $30,500 and risks a drop towards $29,850.
• Attempts to surpass the $30,500 resistance have been met with selling pressure near $30,850.
• Immediate support lies at $30,230, while a break below $30,000 could lead to further decline.

Bitcoin's price struggled to gain bullish momentum following the release of the US CPI data. Currently trading below $30,500, there is a potential risk of a drop towards the $29,850 level.

Despite an attempted increase above the $30,500 resistance zone, Bitcoin faced resistance near $30,850, resulting in a downside reaction.

The price broke below a connecting bullish trend line and the $30,500 support, reaching a low around $30,230. Currently, Bitcoin is consolidating losses below $30,500 and the 100-hourly simple moving average.

Immediate resistance is observed near the $30,400 level and the 100-hourly simple moving average, followed by the $30,550 zone. A breakthrough above the $30,550 level could provide bullish momentum, potentially leading Bitcoin towards the $30,850 resistance and the subsequent major resistance at $31,000.

If Bitcoin fails to clear the $30,500 resistance, it may experience another decline. Immediate support is found near $30,230, with the next major support near the $30,000 level. Further losses could push the price towards the $29,850 support zone, and potentially even lower towards the $29,400 level.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade idea

Entry Price – Sell Limit 30398

Take Profit – 30000

Stop Loss – 30604

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$398/ -$206