Daily Price Outlook

• GBP/USD extends downward movement, moving away from the 1.2640 level, supporting the continuation of the bearish trend with potential support at 1.2580 and 1.2515.
• The double top pattern remains influential, reinforcing the bearish wave. A rally above 1.2680 and 1.2720 levels would challenge this outlook.
• Expected trading range for today: Support at 1.2530, Resistance at 1.2690.

The GBP/USD pair extended its downward movement, distancing itself from the 1.2640 level. This reinforces our expectation of a continued correctional bearish trend, with the next potential support levels at 1.2580 and 1.2515.

The ongoing influence of the double top pattern supports the continuation of the suggested bearish wave. For this bearish outlook to be challenged, the price would need to rally and surpass the levels of 1.2680 and 1.2720.

In today's trading, we anticipate a range between the support level at 1.2530 and the resistance level at 1.2690.

The prevailing trend for today remains bullish above 1.26023 and bearish below the same.

GBP/USD Price Chart – Source: Tradingview

GBP/USD – Trade Idea

Entry Price – Buy Above 1.2600

Take Profit – 1.27531

Stop Loss – 1.24916

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1530/ -$1080

Profit & Loss Per Micro Lot = +$153/ -$108

Daily Price Outlook

• Gold, the esteemed precious metal, is currently witnessing a notable downtrend, trading around the $1,910 mark after a descent from the $1,929 level.
• The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators both hold positions in the sell zone, implying a potential continuation of the current downtrend, particularly if gold prices break below the $1,909 level.
• While resistance is forming around the $1,921 level and potentially at the $1,930 mark, a continuation of the downtrend can be anticipated if gold maintains its position below the crucial $1,920 level, with the next target potentially around $1,896 or $1,890 if it falls below $1,909.

The esteemed precious metal, gold, is currently experiencing a notable downtrend, trading around the $1,910 level following a dip from the $1,929 mark.

Upon observing the four-hourly timeframe, it’s evident that gold has breached the descending triangle pattern, which previously extended significant support around the $1,930 mark. Now, this same level is acting as resistance.

Analysing the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), we find both indicators are situated firmly within the sell zone, implying a strong likelihood of a continuing downtrend.

With this in mind, should gold prices succeed in breaking below the $1,909 level, the next target could potentially be around the $1,896 or $1,890 levels.

On the flip side, we see resistance forming around the $1,921 level, with a further resistance point likely to materialize around the $1,930 mark if surpassed. In conclusion, it’s critical to keep a close eye on the $1,920 level.

A continuation of the downtrend can be expected if gold stays below this point, and more importantly, if gold prices manage to drop below $1,909, the subsequent target could potentially be situated around $1,896 or $1,890.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1915 Take Profit – 1898 Stop Loss – 1930 Risk to Reward – 1: 1.3 Profit & Loss Per Standard Lot = +$1700/ -$1500 Profit & Loss Per Micro Lot = +$170/ -$150

Daily Price Outlook

• GBP/USD pair stands on neutral ground, prancing around 1.2730 after a daring encounter with the 1.2760 resistance.
• Our main characters, the Relative Strength Index and Moving Average Convergence Divergence indicators, indicate a standoff between buyers and sellers.
• A bullish breakout at 1.2760 or a bearish breakout at 1.2695 could set the stage for the next act in this currency.
• In the currency trading scene, the GBP/USD pair has adopted a neutral stance, maintaining its position around the 1.2730 level following its previous brush with the 1.2760 resistance level.

On the shorter time frame, we observe the formation of a descending triangle pattern, with its upper boundary at 1.2760 and a triple bottom support area solidified at the 1.2690 level.

Adding a further layer of complexity to the market dynamics, the Relative Strength Index and the Moving Average Convergence Divergence indicators have been oscillating between the buying and selling zones. This signals an ongoing indecision among the market participants.

On the support front, the 50-day Exponential Moving Average is bolstering the GBP/USD pair at the 1.2720 level. Given these factors, we are eyeing potential breakout points.

A bullish breakout above 1.2760 or conversely, a bearish breakout below 1.2695 could dictate the next significant market move. If a bearish breakout occurs, the pair may venture down towards 1.2660 or even 1.2633. Alternatively, resistance levels to consider on the upside are positioned at 1.2800 and 1.2840.

GOLD Price Chart – Source: Tradingview

GBP/USD – Trade Idea

Entry Price – Buy Above 1.27108 Take Profit – 1.28004 Stop Loss – 1.26692 Risk to Reward – 1: 2 Profit & Loss Per Standard Lot = +$896/ -$416 Profit & Loss Per Micro Lot = +$89/ -$41

Daily Price Outlook

• The EURUSD pair confidently crossed the 1.0940 mark, strengthening our bullish outlook for future sessions.
• The pair’s completion of an inverted head and shoulders pattern suggests continued bullishness in the short term.
• If the pair dips below 1.0940, it may face negative pressure, pushing it to test the 1.0860 level before rebounding.

In an exciting twist, the EURUSD pair has boldly leapfrogged the 1.0940 level and ended the day above it. This move has fortified our bullish expectations for the upcoming trading sessions and paves the way for the pair to journey towards the next upbeat stop at 1.1075.

As the pair has charted an inverted head and shoulders pattern, we remain bullish on both intraday and short-term projections.

However, we’d like to strike a note of caution: if the pair breaks below the 1.0940 level, it could find itself under a dark cloud of negative pressure, potentially dragging it down to test the 1.0860 area before it can bounce back up.

Today’s trading range is expected to oscillate between the 1.0880 support and the 1.1040 resistance.

Overall, we are feeling bullish about today’s trend. It’s going to be an interesting ride!

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price – Sell Below 1.09756 Take Profit – 1.08907 Stop Loss – 1.10264 Risk to Reward – 1: 1.6 Profit & Loss Per Standard Lot = +$849/ -$508 Profit & Loss Per Micro Lot = +$84/ -$50

Daily Price Outlook

• Dogecoin is currently priced at $0.065012, with a trading volume of $246,285,781.
• The cryptocurrency has found support around the $0.0633 level but faces resistance at $0.0700, reinforced by a downward trend line.
• A break below the $0.0633 support could lead to further declines towards $0.0600, while a breakout above $0.0668 may target $0.0700 or $0.0735.

The current price of Dogecoin is $0.065012, with a 24-hour trading volume of $246,285,781. From a technical standpoint, Dogecoin has found support around the $0.0633 level.

Despite multiple attempts, it has failed to break through the resistance at $0.0700, which is reinforced by a downward trend line.

The 50-day exponential moving average poses a significant obstacle around the $0.0668 levels, and bearish candlestick patterns closing below this moving average suggest a high likelihood of the downtrend continuing.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also support the prevailing bearish sentiment, with both indicators remaining within the cell zone.

If Dogecoin manages to break below the $0.0633 support zone, the next support level can be expected around $0.0600, potentially leading to further declines towards 0.0560 or 0.0540.

On the other hand, a breakout above the $0.0668 level could target $0.0700 or even $0.0735.

In summary, based on technical analysis, Dogecoin is likely to continue its downtrend, with key support and resistance levels playing a crucial role in determining future price movements.

DOGE/USD Price Chart – Source: Tradingview

DOGE/USD – Trade Idea

Entry Price – Buy Above 0.0634 Take Profit – 0.0683 Stop Loss – 0.0588 Risk to Reward – 1: 1 Profit & Loss Per Standard Lot = +$490/ -$460

Daily Price Outlook

• Solana rebounds from oversold conditions and tests Fibonacci retracement levels at $16.75 and $17.85.
• Failure to break through the $17.85 resistance level indicates weakening bullish momentum.
• Support holds at $15.45, while a breakdown below could lead to a decline towards $14.15 or $13.30.

Solana is showing off its rebound skills after a thrilling dive towards the support level of $13.35. Like a superhero emerging from oversold conditions, Solana has already conquered the 38.2% Fibonacci retracement level at $16.75 and the mighty 50% Fibonacci retracement level at $17.85.

But wait, there’s a twist! Despite its valiant efforts, Solana couldn’t break through the resistance fortress at $17.85, raising questions about the strength of its bullish momentum.

The Relative Strength Index (RSI) indicator, wearing its below-50 cape, and the shrinking histograms of the Moving Average Convergence Divergence (MACD) are also signaling a decrease in buying pressure.

In this thrilling battle, Solana now finds itself face-to-face with a formidable foe at the $17.85 level.

However, a breakthrough above this resistance stronghold could unlock a world of new buying opportunities, guiding Solana towards the enchanted Fibonacci retracement levels of 61.8% at $18.88 and 78.6% at $20.25.

But beware, on the flip side, support stands firm at the $15.45 level, shielding Solana from potential downward attacks. Yet, should this line of defense crumble, a downward journey towards $14.15 or even $13.30 may come into play.

As the price dances closer to the critical level of $17.85, keep a watchful eye on its every move. A break below this level could signal the continuation of the downtrend, while a triumphant breakthrough could mark the return of the bullish knights.

SOL/USD Price Chart – Source: Tradingview

SOL/USD – Trade Idea

Entry Price – Sell Below 17.70 Take Profit – 14.14 Stop Loss – 19.47 Risk to Reward – 1: 2 Profit & Loss Per Standard Lot = +$356/ -$177

Daily Price Outlook

• Gold prices made a downward splash, ending below $1929.00 like synchronized swimmers, signaling a bearish trend with a potential target of $1913.15 and a daring plunge towards $1873.50 if breached.
• A twist awaits if gold breaks through $1929.00 and $1945.20, potentially leading to a dramatic turnaround.
• Today’s trading range sets the stage for excitement, with support at $1905.00 and resistance at $1935.00, ready to challenge the market.

Gold prices took a downward dive yesterday, ending below the level of $1929.00 like a skilled synchronized swimmer. This keeps the bearish trend scenario in full swing, with a potential visit to the $1913.15 territory on the horizon.

And hold onto your hats, because if this level is breached, the price may take a daring plunge towards the next correctional level at $1873.50.

The bearish channel is the ringleader here, skillfully organizing the bearish wave and receiving constant support from the EMA50, like a maestro conducting a symphony.

But wait! There’s a twist! If gold manages to break through the levels of $1929.00 followed by $1945.20, it will throw a curveball at the expected decline, leading the price to make a dramatic turnaround and head for the sunny side of the market.

Today’s trading range promises an exciting show, with support kicking in at $1905.00 like a trusty safety net, and resistance shining brightly at $1935.00 like a formidable challenger. Get ready for a wild ride! And now, for the expected trend of the day: bearish vibes are in the air.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1935 Take Profit – 1910 Stop Loss – 1950 Risk to Reward – 1: 1.6 Profit & Loss Per Standard Lot = +$2500/ -$1500 Profit & Loss Per Micro Lot = +$250/ -$150

Daily Price Outlook

• Gold prices exhibit a slight bullish bias, but await a negative catalyst for a bearish wave towards the target of $1,873.50.
• A breakthrough above $1,929.00 could trigger further gains and a test of $1,945.20 before potential declines.
• The expected trading range for today oscillates between the support of $1,890.00 and the resistance of $1,925.00.

Gold prices are in for some playful moves, displaying a slight bullish bias as stochastic indicators flash positivity. However, they eagerly await a negative catalyst that could boost the momentum of the expected bearish wave for today, targeting the level of $1,873.50.

But hey, let’s not forget that breaking above $1,929.00 could ignite even more excitement, propelling the price to chase after additional gains and test the level of $1,945.20. Only then might we see a new attempt to decline, adding to the thrilling twists and turns.

For today’s adventurous ride, the expected trading range bounces between the support level of $1,890.00 and the resistance level of $1,925.00. Will gold conquer new heights or face the challenge of downward pressures?

Hold on tight and let’s discover the trend for today: Slightly bullish

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1925

Take Profit – 1940

Stop Loss – 1915

Risk to Reward – 1: 1.130

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

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

Daily Price Outlook

• Ethereum is consolidating in a range between $1,845 and $1,945.
• Significant resistance is challenging Ethereum at the $1,935 level, marked by a triple-top pattern.
• Watch out for a potential breakout above $1,935, which could propel Ethereum towards $2,015 and higher. Conversely, a breakdown below $1,845 may trigger selling pressure towards $1,756 or $1,669.

Let’s dive into the exciting world of Ethereum trading against USDT! Currently, Ethereum is in a neutral stance, showing off its range-bound moves between $1,845 and $1,945.

On the daily timeframe, it’s facing a tough opponent at the $1,935 level, marked by a triple-top pattern. The candles near this level are sending signals that the bullish energy might need a breather and the buyers could use a timeout.

To add to the excitement, the relative strength index (RSI) and moving average convergence divergence (MACD) indicators are enjoying their time in the neutral zone. After breaking through a downward trend line that previously acted as a major hurdle around $1,845, Ethereum has a lot to prove.

Right now, all eyes should be on the $1,935 level. If Ethereum can break through this resistance, it might unleash a thrilling surge towards $2,015 or beyond, with a potential target of $2,126.

On the flip side, if the bears take control and Ethereum breaks below $1,845, it could trigger some selling pressure, targeting levels around $1,756 or even $1,669.

Get ready for the Ethereum rollercoaster ride today!

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Trade Idea

Entry Price – BuyStop 1950

Take Profit – 2120

Stop Loss – 1820

Risk to Reward – 1: 1.130

Profit & Loss Per Standard Lot = +$170/ -$130

Daily Price Outlook

• Hold on tight as the Bitcoin rollercoaster continues! Bitcoin faces a thrilling challenge around the $31,000 level, encountering a double top obstacle in the race.
• Immediate support for Bitcoin can be found around $29,600, with potential further decline towards the key support zone at $28,250.
• Buckle up for potential targets at $32,500 and even $34,000 if momentum keeps building.

The Bitcoin rollercoaster continues! On the technical front, it seems like Bitcoin is facing a thrilling challenge around the $31,000 level. It’s like encountering a double top obstacle in the race! The appearance of doji and spinning top candles, along with the resistance at $31,000, suggests that the bullish energy is taking a breather and buyers might need to catch their breath. So, hold on tight because we might experience a fun-filled and bumpy ride with a modest corrective pullback in Bitcoin prices today.

But don’t worry, there’s always a support crew ready to lend a hand! Immediate support for Bitcoin can be found around the $29,600 level. If the price breaks below this level, brace yourselves for a potential further decline towards the key support zone at $28,250.

It’s like finding the perfect pit stop coinciding with the 50-day exponential moving average. And if the action gets really intense, the next support around $26,750 will come to the rescue! Now, let’s take a moment to check the excitement levels.

The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are currently enjoying their time in the neutral zone.

It’s like they’re taking a break from the wild ride, suggesting that Bitcoin is neither overbought nor oversold. So, there’s a chance for a thrilling corrective move in the near future.

But hey, what if Bitcoin surprises us all and conquers the $31,000 level? Well, buckle up because the next target on the horizon is around $32,500.

And if the momentum keeps building up, the thrilling ride could push Bitcoin towards the $34,000 mark. So, keep those goggles on and enjoy the adventure!

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Sell Limit 30950

Take Profit – 28500

Stop Loss – 32250

Risk to Reward – 1: 1.88

Profit & Loss Per Standard Lot = +$245/ -$130

Profit & Loss Per Micro Lot = +$24/ -$13