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

• 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

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

• 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

• 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

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

• Gold prices are currently fluctuating around the $1929.00 level, demonstrating consolidation below it.
• The negative overlap on the stochastic indicator suggests the likelihood of a resumption in the correctional bearish trend.
• Initial targets for the downward movement start at $1913.15, potentially extending to $1873.50 upon breaching the previous level.
• Sustaining a position below $1929.00 is crucial to continue the anticipated decline.

Gold prices are currently exhibiting fluctuations around the $1929.00 level and remain consolidated below it. Notably, the stochastic indicator shows a negative overlap, suggesting a potential catalyst for the price to resume the correctional bearish trend.

In this scenario, the initial targets for the downward movement begin at $1913.15, with a potential extension to $1873.50 following a break below the previous level.

Maintaining a position below $1929.00 is of significant importance to sustain the expected decline. However, a breach above this level could pave the way for a new upward movement, with a target of testing $1945.20 before any renewed negative attempts.

For today's trading, the expected range is anticipated to be between the support level of $1900.00 and the resistance level of $1935.00.

Based on the analysis, the expected trend for today is bearish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1930

Take Profit – 1917

Stop Loss – 1936

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1300/ -$600

Profit & Loss Per Micro Lot = +$130/ -$60

Daily Price Outlook

The S&P 500 index has surpassed the critical resistance level at 4,440, indicating a strong likelihood of a continued bullish trend.

• Next resistance levels to watch are at 4,511 and 4,525, while a breach of the support at 4,440 could lead to a significant downward move with support expected around 4,395.
• Monitoring the 4,440 level is important for assessing future trading activities.

Based on technical analysis, the S&P 500 index has successfully surpassed the critical resistance level at 4,440, indicating a strong likelihood of an ongoing bullish trend. The confirmation of this breakthrough is evident through the presence of a bullish candle closing above the mentioned level. Moving forward, the next resistance levels to monitor are at 4,511 and 4,525.

Conversely, a breach of the support at 4,440 could trigger a substantial downward movement, with a significant support level anticipated around 4,395.

Supporting the positive outlook, the exponential moving average and indicators like the relative strength index and moving average convergence divergence all align with the prevailing bullish sentiment surrounding the SPX.

These indicators suggest that the upward trend is likely to persist. Therefore, it is crucial to closely observe the 4,440 level as it holds the potential to serve as a pivotal point for today's trading activities.

SPX Price Chart – Source: Tradingview

S&P500 (SPX) - Trade Idea

Entry Price – Buy Above 4440

Take Profit – 4500

Stop Loss – 4400

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$600/ -$400

Profit & Loss Per Micro Lot = +$60/ -$40

Daily Price Outlook

• The EUR/USD pair is currently experiencing a calm negative trend, gradually approaching the 1.0860 level.
• A break below the neckline at 1.0840 is awaited to activate the negative effect of this pattern, potentially leading to a bearish move towards targets starting at 1.0795 and extending to 1.0730.
• The expected trading range for today is between the support level of 1.0800 and the resistance level of 1.0940.

The EUR/USD pair is currently exhibiting a subdued downtrend, gradually approaching the 1.0860 level. Notably, the price has recorded the third consecutive lower high, as depicted on the chart, indicating a potential triple top pattern.

To activate the negative impact of this pattern, a break below the neckline at 1.0840 is awaited, which could initiate a bearish move towards our projected targets starting at 1.0795 and extending to 1.0730.

Therefore, we maintain our suggestion of a bearish trend for the foreseeable future, supported by the downward pressure exerted by the EMA50 indicator.

It is important to note that a breach above 1.0940 would invalidate the aforementioned technical formation and potentially lead to a price recovery, with gains potentially reaching 1.1075 in the near term.

For today's trading, the expected range is anticipated to be between the support level of 1.0800 and the resistance level of 1.0940.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Sell Below 1.08879

Take Profit – 1.08402

Stop Loss – 1.09356

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$477/ -$477

Profit & Loss Per Micro Lot = +$47/ -$47

Daily Price Outlook

• The S&P 500 index has surpassed the resistance at 4,440, indicating potential for continued bullish movement.
• Support at 4,440 level is crucial; breaching it could lead to a significant downward move.
• Exponential moving average and technical indicators support the bullish outlook for SPX.

Technical analysis indicates that the S&P 500 index has successfully surpassed the double tap resistance level at 4,440, signaling a strong possibility of a continued bullish trend. The presence of a bullish candle closing above this level further supports this outlook.

The next resistance levels to watch for are 4,511 and 4,525. Conversely, if the support at 4,440 is breached, it could lead to a significant downward move, with a strong support level around 4,395.

The exponential moving average and indicators such as the relative strength index and moving average convergence divergence also lend support to the positive sentiment surrounding the SPX.

These indicators suggest that the bullish trend is likely to persist. Therefore, it is important to monitor the 4,440 level as it may act as a key pivot point for today's trading activity.

SPX Price Chart – Source: Tradingview

S&P500 (SPX) - Trade Idea

Entry Price – Buy Above 4440

Take Profit – 4500

Stop Loss – 4400

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$600/ -$400

Profit & Loss Per Micro Lot = +$60/ -$40