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

• 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

• Gold prices faced solid resistance at $1,929.00 and may return to the bearish channel.
• Negative signals from stochastic indicators suggest upcoming downward movement.
• Breaking $1,913.15 would open the way for a potential decline towards $1,873.50.

Gold prices exhibited notable upward movement in recent sessions as they approached the resistance of the bearish channel.

However, they encountered strong resistance at $1,929.00, leading to a subsequent decline and a potential return to the channel. Stochastic indicators continue to provide negative signals.

As a result, we anticipate a negative trend in the upcoming sessions, with an initial target of breaking $1,913.15 to confirm the path towards $1,873.50.

It is worth noting that a breach of $1,929.00 would likely propel the price towards further gains, with the next positive milestone at $1,945.20.

The projected trading range for today is expected to fluctuate between support at $1,900.00 and resistance at $1,935.00.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1915

Take Profit – 1960

Stop Loss – 1890

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$4500/ -$2500

Profit & Loss Per Micro Lot = +$450/ -$250

Daily Price Outlook

• Bitcoin price holds above the $30,500 support and shows signs of a steady increase.
• Immediate resistance levels to watch are at $31,350 and $31,400, followed by $32,000.
• If support fails at $31,000, Bitcoin might see a correction towards $30,920 and potentially $30,550.

Bitcoin price has maintained stability and remains above the crucial support level of $30,500. The recent price action has seen a steady increase, breaking through the resistance at $30,820 and even surpassing the $31,000 and $31,400 resistance zones.

At the moment, the BTC/USD is holding its gains and trading just over the 23.6% Fibonacci retracement mark. It is also comfortably positioned above the 100 hourly Simple Moving Average, with a significant bullish trend line forming support around $30,920.

In terms of resistance, the immediate level to watch is around $31,350, followed by the major barrier at $31,400. A successful breakthrough above this level could trigger another strong upward move, potentially pushing the price towards the next significant resistance at $32,000.

Further gains could open doors for a potential move towards the $32,500 and $33,200 resistance zones.

However, if Bitcoin fails to clear the $31,400 resistance, a downside correction might occur. The immediate support level on the downside is expected around $31,000. If the price further declines, the next major support lies near $30,920 and the trend line.

Breaking below this level could lead to a drop towards the 50% Fibonacci retracement level or even towards the $30,550 zone, where the 100 hourly SMA is also located.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Sell Below 31225

Take Profit – 30200

Stop Loss – 31500

Risk to Reward – 1: 3

Profit & Loss Per Standard Lot = +$1025/ -$275

Profit & Loss Per Micro Lot = +$102/ -$27

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

Daily Price Outlook

• AUDUSD pair tests and consolidates below the significant resistance level of 0.6665.
• Technical indicators demonstrate clear negativity, suggesting a potential bearish continuation.
• The expected trading range for today is between the support level of 0.6570 and the resistance level of 0.6670.

The AUDUSD pair has tested the important resistance level at 0.6665 and is currently consolidating below it, initiating a decline at today's open.

The technical indicators are displaying clear negativity, indicating a potential resumption of the bearish movement with the next target set at 0.6545.

In light of these observations, we maintain our bearish outlook for the intraday timeframe. It is important to note that a breakthrough above 0.6665 would halt the anticipated decline and potentially trigger a recovery, leading the price to reestablish the main bullish trend.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Above 0.6637

Take Profit – 0.6720

Stop Loss – 0.6586

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$824/ -$511

Profit & Loss Per Micro Lot = +$82/ -$51

Daily Price Outlook

• Gold prices ended Friday's session above the $1,913.15 level, but faced resistance from the correctional bearish channel and the EMA50.
• Clear negative signals are observed through stochastic indicators, indicating the possibility of a bearish trend resumption.
• The expected trading range for today is between $1,895.00 support and $1,929.00 resistance.

Gold prices closed on a positive note last Friday, surpassing the level of $1,913.15 and settling above it. However, it is worth noting that the price encountered resistance from the correctional bearish channel and the EMA50, which provides additional strength to the resistance. Additionally, stochastic indicators show clear negative signals.

Considering these factors, there is a likelihood of the bearish trend resuming in the upcoming sessions. Our next target is set at $1,873.50, and only a breach of $1,923.00 would lead to further gains, with a target of testing the $1,945.20 area, before any potential decline.

The anticipated trading range for today is between the support level of $1,895.00 and the resistance level of $1,929.00.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1915

Take Profit – 1960

Stop Loss – 1890

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$4500/ -$2500

Profit & Loss Per Micro Lot = +$450/ -$250

Daily Price Outlook

• USD/JPY faces temporary downward pressure but shows signs of resuming the bullish wave.
• The main bullish trend scenario remains active, targeting 146.10.
• Support and resistance levels for today are at 144.00 and 145.50, respectively.

The USD/JPY pair experienced a temporary downturn, testing the support line of the intraday bullish channel. However, today's market open shows a bullish inclination, driven by positive signals on the four-hour timeframe. This suggests a potential continuation of the main bullish trend.

As a result, the next target for the pair is set at 146.10. It's worth noting that if the price breaks below 144.25, a short-term bearish correction could occur before resuming its upward movement.

For today's trading, the expected range is between support at 144.00 and resistance at 145.50.

USD/JPY Price Chart – Source: Tradingview

USD/JPY - Trade Idea

Entry Price – Buy Above 144.166

Take Profit – 145.082

Stop Loss – 143.634

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$916/ -$532

Profit & Loss Per Micro Lot = +$91/ -$53

Daily Price Outlook

• The EUR/USD pair reached our target at 1.0860 after a notable downward movement, establishing a strong level of support.
• A prominent double top pattern has formed, indicating potential additional downward pressure in upcoming trading sessions.
• If the price breaks below the support level, it may trigger a significant rally towards the 1.0795 level. However, a failure to break below could lead to a possible upward movement, testing the resistance at 1.0940.

The EUR/USD pair exhibited a notable downward movement, successfully reaching our projected target at 1.0860 with confidence and subsequently stabilizing at that level. Presently, the price formation reveals a prominent double top pattern, which could exert additional downward pressure on the pair in the forthcoming trading sessions. It is crucial to monitor a potential breakthrough below the mentioned level, as it holds the key to potentially ignite a substantial rally towards the 1.0795 level.

As we analyze the performance, we anticipate further decline for the day, supported by the price's position below the EMA50. However, in the event that the anticipated breakthrough fails to materialize, we may witness a graceful upward movement, leading the price to test the resistance at 1.0940.

Prepare for an engaging trading session today, as the anticipated trading range lies between the reliable support level of 1.0790 and the formidable resistance level of 1.0930. The prevailing trend for today remains bearish, emphasizing the potential for continued downside movement.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price – Buy Above 1.08490 Take Profit – 1.09173 Stop Loss – 1.07967 Risk to Reward – 1: 1.3 Profit & Loss Per Standard Lot = +$683/ -$523 Profit & Loss Per Micro Lot = +$68/ -$52

Daily Price Outlook

• Gold prices showed downward movement, briefly attempting to break the $1,900.00 level before retracing near the key resistance at $1,913.15.
• Gold's next target is at $1,873.50, with the condition of staying below $1,913.15.
• Today's trading range for gold is anticipated to be between the support level at $1,890.00 and the resistance level at $1,915.00.

Gold prices exhibited noticeable downward movement yesterday, briefly attempting to surpass the $1,900.00 barrier before retracing and fluctuating near the key resistance level at $1,913.15. It is worth noting that the 50-days exponential moving average (EMA) continues to exert negative pressure on the price, while the stochastic indicator shows clear signs of losing positive momentum.

Therefore, we maintain our belief in the likelihood of a resumption of the expected bearish trend in the short term and intraday, as indicated by the presence of a bearish channel on the chart. Our next target is expected to be at $1,873.50, with a crucial condition for the continuation of the anticipated decline being the price remaining below $1,913.15.

In today's trading, we anticipate a trading range between the support level at $1,890.00 and the resistance level at $1,915.00. GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1910

Take Profit – 1890

Stop Loss – 1922

Risk to Reward – 1: 1.67

Profit & Loss Per Standard Lot = +$1890/ -$1200

Profit & Loss Per Micro Lot = +$189/ -$120