Daily Price Outlook

• Gold (XAU/USD) begins the day with a touch of negativity, exerting pressure on the $1,913.15 level, indicating a bearish outlook for the intraday and short-term periods. The next key support is expected around $1,873.50.
• The bearish trend remains intact as the price continues to experience downward pressure from the EMA50. The bearish wave is well-structured, and the price's stability below $1,913.15 is crucial to sustain the bearish momentum. However, surpassing this level could trigger recovery attempts, potentially reaching gains of up to $1,945.20 before another potential decline.
• The anticipated trading range for today is between the support level of $1,890.00 and the resistance level of $1,925.00.

Gold (XAU/USD) sets off with a touch of negativity today, as it puts pressure on the $1,913.15 level and attempts to break it, which supports the continuation of the bearish overview on the intraday and short-term basis, paving the way to head towards $1,873.50 areas as the next main station.

The bearish channel continues to organize the bearish wave, and the price is falling under continuous negative pressure coming from the EMA50, to keep the bearish trend valid and active conditioned by the price stability below $1,913.15.

Surpassing this level will lead the price to start recovery attempts and achieve gains that reach $1,945.20 before any new attempt to decline.

The expected trading range for today is between the support level of $1,890.00 and the resistance level of $1,925.00.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Limit 1925

Take Profit – 1890

Stop Loss – 1940

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3500/ -$1500

Profit & Loss Per Micro Lot = +$350/ -$150

Daily Price Outlook

• EUR/USD pair fails to break 1.1000 barrier, rebounds towards key support at 1.0940
• Bearish trend expected as price tests 1.0940 support, target at 1.0860
• Close monitoring of price action at 1.0940 crucial for determining next trend

The EUR/USD pair made a failed attempt to break the 1.1000 barrier, resulting in a downward rebound towards the key support level at 1.0940.

Currently, the price is testing this level and aiming to break it, indicating a potential shift to a bearish trend on an intraday basis.

As a result, negative trading activity is expected for today, with the main target being the test of the 1.0860 level.

It is important to closely monitor the price action at this level, as it will play a significant role in determining the next trend.

However, it is worth noting that if the price fails to confirm a break below 1.0940, it could lead to a recovery and a return to the main bullish trend.

The projected trading range for today is between the support level of 1.0850 and the resistance level of 1.1000.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price –Buy Limit 1.09029

Take Profit – 1.09973

Stop Loss – 1.08338

Risk to Reward – 1: 1.35

Profit & Loss Per Standard Lot = +$944/ -$691

Profit & Loss Per Micro Lot = +$94/ -$69

Daily Price Outlook

• GBP/USD faces challenges in returning to bullish channel
• Bearish rebound initiates correctional wave on intraday basis
• Testing 1.2675 level may lead to further decline towards 1.2580 and 1.2515

The GBP/USD pair encounters challenges in confirming a return to its main bullish channel, resulting in a bearish rebound and the initiation of a correctional bearish wave on an intraday basis.

The pair is poised to test the 1.2675 level initially, with a potential breakthrough signaling further decline towards 1.2580 and 1.2515 as key support levels.

As a result, a bearish bias is anticipated for today, although breaking above 1.2790 would negate the negative outlook and guide the price back to its main bullish track.

The trading range for the day is projected between the support level of 1.2620 and the resistance level of 1.2790.

GBP/USD Price Chart – Source: Tradingview

GBP/USD – Trade Idea

Entry Price –Sell Limit 1.27371

Take Profit – 1.26591

Stop Loss – 1.28002

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$780/ -$631

Profit & Loss Per Micro Lot = +$78/ -$63

Daily Price Outlook

• GBPUSD pair tests resistance at 1.1940, showing stability below the level.
• Stochastic oscillator signals potential for a decline in future sessions.
• Bearish outlook remains valid unless price breaks above 1.1940 and 1.2020 levels.

The GBPUSD pair continued its upward movement, testing the resistance line at 1.1940. However, it remains stable below this level, with the EMA50 providing additional strength to the resistance. The pair is anticipated to resume its corrective bearish wave, targeting the key level at 1.1625.

The Stochastic oscillator is currently displaying clear negative signals, indicating a potential decline in the upcoming sessions. The price action is confined within a bearish channel visible on the chart.

Hence, our bearish outlook remains valid and active. It is worth noting that a breakthrough above 1.1940, followed by 1.2020, would invalidate the expected decline and lead to a price recovery.

At 11:00 AM, the Bank of England (BOE) released its monetary policy decisions. The MPC Official Bank Rate Votes showed a unanimous decision of 7-0-2, indicating that all seven members voted to maintain the current bank rate, while two members voted for a rate cut.

The Monetary Policy Summary provided an overview of the BOE’s assessment of the economy and its policy outlook.

The Official Bank Rate remained unchanged at 4.50%. This decision reflects the BOE’s commitment to supporting the economy and ensuring price stability. Let’s also keep an eye on it.

GBP/USD Price Chart – Source: Tradingview

GBP/USD – Trade Idea

Entry Price –Buy Limit 1.27110

Take Profit – 1.27962

Stop Loss – 1.26766

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$852/ -$344

Profit & Loss Per Micro Lot = +$85/ -$34

Daily Price Outlook

• Litecoin exhibits strength by breaking through the 50-day moving average and surpassing psychological resistance at $85.
• Technical indicators, including RSI and MACD, support a bullish trend continuation.
• Excitement grows as Litecoin sets its sights on conquering the $92 mark, with potential targets of $96 and $100.

Litecoin has displayed remarkable strength in its recent performance. Breaking through the 50-day exponential moving average at $84.45, it showcased its prowess by surpassing the psychological resistance level at $85. The focus now shifts to its next target, aiming to conquer the $92 mark.

The daily timeframe paints an encouraging picture with the formation of three white soldiers’ candlesticks and a robust engulfing bullish candlestick pattern, indicating the confidence of the bullish sentiment.

The technical indicators further support this positive outlook. The relative strength index (RSI) remains comfortably within the buying zone, maintaining a value of 57.

Additionally, the moving average convergence divergence (MACD) exhibits histograms above zero, indicating a value of 0.88. These indicators collectively suggest the continuation of the bullish trend.

Excitement mounts as Litecoin aims to reach new heights. Breaking through the $92 level would mark a significant milestone, paving the way for potential targets of $96 and $100. The anticipation is palpable as Litecoin enthusiasts eagerly await these milestones.

However, it is crucial to remain mindful of potential obstacles along Litecoin’s journey. Should the price stumble and fall below $85, support levels become vital anchors. Keep an eye on the resilient $76 and the steadfast $72, as they act as safety nets to support Litecoin’s upward trajectory.

Therefore, it is advisable to closely monitor the $92 level, as it will play a pivotal role in determining whether Litecoin continues its impressive ascent or takes a brief pause for a corrective phase. Brace yourself for the captivating developments that lie ahead in the dynamic world of Litecoin.

LTC/USD Price Chart – Source: Tradingview

LTC/USD – Trade Idea

Entry Price –Buy Limit 83.46

Take Profit – 89.89

Stop Loss – 79.82

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$64/ -$36

Daily Price Outlook

• Cardano demonstrates resilience as it rebounds from the support level of $0.2600 and completes a 50% retracement from the $0.3017 level.
• A bullish “three white soldiers” candlestick pattern suggests a high likelihood of the uptrend continuing.
• Breaking above the $0.3028 level could lead Cardano towards the next resistance at $0.3208 and potentially higher levels, while a failure to do so may trigger a pullback towards the support at $0.2825.

Cardano has recently shown resilience as it bounces back from a significant support level of $0.2600 and completes a 50% retracement from the $0.3017 level.

This price action is accompanied by a bullish candlestick pattern known as “three white soldiers,” indicating a high probability of the uptrend continuing.

In terms of upside potential, if Cardano successfully breaks above the $0.3028 level, it could target the next resistance level at $0.3208, which aligns with the 61.8% Fibonacci retracement level.

Further bullish momentum may propel it to surpass the 61.8% level and aim for the $0.3468 level, representing the 78.6% Fibonacci retracement. Additionally, the presence of a double top pattern on the daily timeframe reinforces the resistance at $0.3800.

Conversely, if Cardano fails to surpass the $0.3028 level and closes candles below the 50-day exponential moving average, currently acting as resistance around the $0.3010 level, it may experience a pullback towards the immediate support at $0.2825.

A breakdown below this support level opens the possibility of further selling pressure, potentially leading to a decline towards $0.2588 or even $0.2205.

ADA/USD Price Chart – Source: Tradingview

ADA/USD – Trade Idea

Entry Price –Buy Limit 0.271

Take Profit – 0.321

Stop Loss – 0.242

Risk to Reward – 1: 1.72

Profit & Loss Per Standard Lot = +$50/ -$29

Daily Price Outlook

• Ethereum's technical indicators show a strong bullish bias as it rebounds from the critical $1,700 support level, surpassing the triple top pattern at $1,775 and targeting resistance at $1,841.
• A bearish correction may occur if candles close below $1,840, potentially leading to support levels at $1,800 or $1,775 for ETH/USDT.
• A bullish breakout above $1,840 could drive Ethereum towards the next target level of $1,916, but caution is advised as the RSI and MACD indicate potential overbought conditions, offering a chance to short ETH below $1,840.

Taking a look at Ethereum's technical indicators, we see a strong bullish bias as it bounces off the critical support level of $1,700, represented by the exponential moving average.

Ethereum recently broke through the triple top pattern at $1,775, indicating a bullish surge towards the next resistance level at $1,841. The presence of a descending trend line on the four-hourly timeframe adds weight to this resistance level.

However, a bearish correction may be triggered if candles close below $1,840, potentially leading ETH/USDT to find support at $1,800 or even lower at $1,775.

On the flip side, a bullish breakout above $1,840 could propel Ethereum's price towards the next target level of $1,916.

It's worth noting that the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have entered the overbought zone, suggesting a potential slowdown in bullish momentum and a possible opportunity to short ETH below the $1,840 level.

In summary, $1,840 holds great significance as today's pivotal point, warranting close monitoring. Traders should consider a sell position below this level and anticipate a buy position above it.

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Trade Idea

Entry Price – Sell Below 1835

Stop Loss – 1885

Take Profit – 1698

Risk to Reward – 1 : 2.75

Profit & Loss Per Standard Lot = +$1370/ -$500

Profit & Loss Per Micro Lot = +$137/ -$50

Daily Price Outlook

• Gold prices closed below the $1945.20 level, indicating a continuation of the corrective bearish trend with a target of $1913.15.
• The 50-day Exponential Moving Average (EMA50) is applying downward pressure, suggesting further decline. Breaking the target level may lead to additional losses towards $1873.50.
• If the price breaches $1945.20, it would be a positive signal for potential recovery towards testing the $1977.25 area.

Gold prices closed below the $1945.20 level yesterday, indicating the continuation of the corrective bearish trend with a target of $1913.15 as the next significant level.

The 50-day Exponential Moving Average (EMA50) is exerting downward pressure on the price, reinforcing expectations of further decline.

Breaking the targeted level could result in additional losses, potentially reaching $1873.50. However, if the price manages to breach $1945.20, it would be a positive factor that could lead to a recovery and a test of the $1977.25 area initially.

For today, the expected trading range is between support at $1920.00 and resistance at $1950.00.

In summary, the forecast for today is bearish, indicating a downward trend for gold prices.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1930

Stop Loss – 1920

Take Profit – 1955

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$2500/ -$1000

Profit & Loss Per Micro Lot = +$250/ -$100

Daily Price Outlook

• Bitcoin breaks through $27,000 resistance, igniting a powerful uptrend toward $28,300.
• Technical indicators, including RSI and MACD, favor Bitcoin's upward journey.
• Crossing above the 50-day EMA, Bitcoin finds solid support around $27,000, indicating bullish strength.

Get ready for some Bitcoin excitement! The world's leading cryptocurrency is making some serious moves on the technical front. It's trading with an impressive bullish momentum after breaking through the stubborn resistance at $27,000, provided by a downward trend line.

This breakthrough has ignited a powerful uptrend, propelling the Bitcoin price towards its next target at $28,300. But here's the burning question: Can Bitcoin maintain this incredible momentum and soar to the coveted $30,000 mark? Let's take a peek at the technical indicators.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are flashing green, indicating a favorable zone for Bitcoin's upward journey.

Moreover, Bitcoin has triumphantly crossed above the 50-day Exponential Moving Average, which is now acting as a sturdy support level around $27,000.

Excitingly, there's more! Bitcoin has even formed a thrilling "Three White Soldiers" candlestick pattern on the daily timeframe, underscoring the dominant bullish trend.

With all these exciting developments, there's a good chance that Bitcoin will continue its upward trajectory. However, brace yourselves for a potential minor correction as it approaches the critical $28,300 level.

This level holds the key to Bitcoin's next moves. If it manages to hold above this level, we can expect the bullish momentum to persist and carry Bitcoin towards the remarkable $30,000 milestone.

And if that magical mark is conquered, the next target in Bitcoin's sights could be around $30,900. So, fasten your seatbelts and enjoy the Bitcoin thrill ride!

BTC/USD Price Chart - Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Buy Above 28260

Stop Loss – 26850

Take Profit – 29880

Risk to Reward – 1 : 1.15

Profit & Loss Per Standard Lot = +$1620/ -$1410

Profit & Loss Per Micro Lot = +$162/ -$141

Daily Price Outlook

• Dogecoin is currently consolidating between the upper limit of $0.0625 and the lower limit around $0.0580. It has rebounded from a low at $0.0529 and is now trading around $0.06171.
• The Relative Strength Index (RSI) is providing mixed signals, oscillating above and below the 50 level.
• Dogecoin breaks above the $0.0626 level, it could potentially reach the 61.8% Fibonacci retracement level at $0.0645, with further targets at $0.067 and $0.0711.

Dogecoin is currently in a consolidation phase, dancing between the upper limit of $0.0625 and the lower limit around $0.0580. After briefly hitting a low at $0.0529, it bounced back and is now grooving around $0.06171.

The coin has already completed the 23.6% and 38.2% Fibonacci retracement levels at $0.058 and $0.060, respectively. Recently, it encountered a resistance level at $0.06260, aligned with the 50% Fibonacci retracement level.

The Relative Strength Index (RSI) is sending mixed signals, fluctuating above and below the 50 level, while the Moving Average Convergence Divergence (MACD) indicates a neutral market vibe near the zero level.

If Dogecoin breaks above the $0.0626 level, it may hit the 61.8% Fibonacci retracement level at $0.0645, with potential targets at $0.067 and $0.0711.

On the downside, support is expected around $0.058 or $0.0540. So, keep an eye on the $0.0626 level, as it sets the rhythm for the party, with sellers below and an upward trend above.

DOGE/USD Price Chart – Source: Tradingview

DOGE/USD – Trade Idea

Entry Price – Sell Below 0.0622

Stop Loss – 0.0678

Take Profit – 0.0547

Risk to Reward – 1: 35

Profit & Loss Per Standard Lot = +$74/ -$56