GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold experienced a downward movement, finding support around $1,936.
- Resistance is expected around $1,955, with a possibility of further upside towards $1,965.
- Core durable goods orders and UoM consumer sentiment from the US economy are important factors to monitor for gold’s price action.
On Friday, the precious metal gold experienced a downward movement, finding support around the $1,936 level. Analyzing the 4-hourly timeframe, it appears that gold may see a bullish trend following the formation of a doji candlestick pattern. Additionally, an engulfing candlestick pattern indicates weakening of the bearish sentiment and a potential shift towards a bullish sentiment.
The immediate resistance for gold is expected to be around the $1,955 level. If there is an increased demand for precious metals, gold has the potential to break through the $1,955 level and target the next resistance at $1,965. On the downside, support for gold is seen around the $1,935 level, and a break below this level could lead to a further decline towards $1,919.
It is important to monitor the core durable goods orders and the UoM consumer sentiment from the US economy, as these factors could impact the price action of gold and the US dollar.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) - Trade Idea
Entry Price – Buy Above 1945
Stop Loss – 1935
Take Profit – 1960
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$1500/ -$1000
Profit & Loss Per Micro Lot = +$150/ -$100
BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bitcoin sees a downturn as it fails to breach the 26,600 resistance level.
- Technical indicators show divergence; RSI signals a sell zone, while MACD indicates a buy zone.
- Strategy for the day involves looking for a sell position below 26,600 with a take-profit around 26,000.
On Friday, the leading cryptocurrency Bitcoin displayed a downward trend based on British trading data, following its failure to breach the resistance level of 26,600, as observable on the two-hour timeframe. The closing of doji and spinning top candles beneath the 26,600 mark suggests the exhaustion of bulls and potential takeover by sellers.
Consequently, Bitcoin’s immediate support is projected around the 26,000 level, and a break below this threshold could steer the Bitcoin price toward the next support level at 25,800.
Upon examining the prominent technical indicators, namely the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), we note mixed signals. The RSI is indicating a sell zone, whereas the MACD rests in a buying zone, thereby displaying divergence.
This suggests a wait-and-watch approach may be necessary, requiring additional Bitcoin candle closings under the 26,600 level before considering a sell position.
Conversely, if Bitcoin breaks through the 26,600 level, it has the potential to aim for the next target of 27,000 or even higher, possibly up to 27,400. Hence, the strategy for today is to look for a sell position below 26,600, with a take-profit around the 26,000 level.
BTC/USD Price Chart – Source: Tradingview
BTC/USD - Trade Idea
Entry Price – Sell Below 26500
Stop Loss – 26850
Take Profit – 25900
Risk to Reward – 1 : 1.7
Profit & Loss Per Standard Lot = +$600/ -$350
Profit & Loss Per Micro Lot = +$600/ -$35
GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- GBP/USD is trading with a bearish bias
- Key support level breached at 1.2390
- Waiting for retracement to consider sell position below 1.2395 or around 1.2375
The GBP/USD currency pair is currently trading with a bearish bias as the US dollar strengthens due to solid fundamentals emerging from the US economy. The pair is currently hovering around the 1.2345 level.
On the four-hour timeframe, GBP/USD has formed three consecutive black candles followed by a bearish engulfing candle, indicating dominance by the British base in the market.
The pair has also breached the key support level at 1.2390, and a close below this level suggests a bearish sentiment. The RSI and MACD indicators are both in the oversold zone, signaling a potential bullish correction.
The price is currently in the middle of the upper range at 1.2395 and the lower range at 1.2300. It is advisable to wait for a retracement in the market and consider taking a sell position below 1.2395 or around 1.2375, with a target around 1.2300 or 1.2275.
GBP/USD Price Chart – Source: Tradingview
GBP/USD - Trade Idea
Entry Price – Sell Below 1.23750
Stop Loss – 1.24000
Take Profit – 1.23000
Risk to Reward – 1 : 3
Profit & Loss Per Standard Lot = +$750/ -$250
Profit & Loss Per Micro Lot = +$75/ -$25
BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bitcoin finds support around $25,800 during the Asian session.
- Hammer pattern formation suggests a potential bullish reversal.
- Resistance at $26,600, reinforced by the 50-day exponential moving average, acts as a barrier for Bitcoin’s upward movement.
During the Asian session, the leading cryptocurrency Bitcoin has found support around the $25,800 level. The formation of a hammer pattern on the four-hour timeframe above the $25,800 level suggests a potential bullish reversal, indicating weakening bearish momentum.
However, Bitcoin faces resistance around the $26,600 level, which is reinforced by the 50-day exponential moving average. This level previously acted as support but now serves as a resistance after being violated. On the downside, if Bitcoin breaks below the $25,800 level, it could target the $25,500 level.
The RSI and MACD indicators are in the oversold zone, indicating the possibility of a minor bullish correction. Therefore, it is important to monitor the $25,800 level, as a break above it could lead to a slight bullish correction towards the $26,400 or $26,600 level.
BTC/USD Price Chart – Source: Tradingview
BTC/USD - Trade Idea
Entry Price – Buy Above 25900
Stop Loss – 25644
Take Profit – 26616
Risk to Reward – 1 : 2.8
Profit & Loss Per Standard Lot = +$716/ -$256
Profit & Loss Per Micro Lot = +$71/ -$25
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold is facing resistance at the $1960 level
- Support is expected around the $1952 level
- Violation of the $1952 level could expose gold to support levels at $1944 and $1936
Gold is currently trading around the $1955 level, with a bearish sentiment prevailing in the market. On the four-hour timeframe, a descending candle pattern is forming, indicating a strong selling trend in gold.
The immediate resistance for gold is expected around the $1960 level, while support can be found around the $1952 level. A breach of the $1952 level may lead to a further decline towards the next support levels at $1944 and $1936.
Conversely, if gold manages to hold above the $1950 level, it could trigger a bullish bounce. A break above the $1960 to $1968 range may indicate a potential bullish correction.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) - Trade Idea
Entry Price – Buy Above 1952
Stop Loss – 1942
Take Profit – 1968
Risk to Reward – 1 : 1.7
Profit & Loss Per Standard Lot = +$1649/ -$924
Profit & Loss Per Micro Lot = +$164/ -$92
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD focuses on Germany’s business climate economic event and the release of the FOMC meeting minutes.
- A descending triangle pattern on the four-hour timeframe suggests support at 1.076 and the potential for bearish movement.
- Breaking above 1.0800 could lead to resistance at 1.0825 or 1.0860, while breaching 1.0760 may target 1.0720.
Good morning everyone, today holds significant events for the EUR/USD currency pair. The European economy is expected to release Germany’s business climate economic event, which is projected to decrease to 93 from the previous figure of 93.6. This suggests a potential slight variation in the euro’s strength against the US dollar.
However, the major focus will be on the release of the FOMC meeting minutes, as they are expected to provide insights into the stance of the US central bank. Depending on the clues provided, the EUR/USD pair will determine its upcoming direction.
From a technical standpoint, the EUR/USD has formed a descending triangle pattern on the four-hour timeframe, which indicates a potential support level around 1.076. A breakthrough of the lower support level could trigger a bearish move in the currency pair.
On the other hand, if the EUR/USD manages to surpass the 1.0800 level, it may target resistance levels at 1.0825 or 1.0860. Conversely, if the EUR/USD breaches the 1.0760 support level, the next target could be around 1.0720.
Today’s strategy is to closely monitor the 1.076 level. A break below this level could trigger selling pressure, while staying above it may suggest further upside potential for the EUR/USD pair.
EUR/USD Price Chart – Source: Tradingview
EUR/USD - Trade Idea
Entry Price – Buy Above 1.07611
Stop Loss – 1.07129
Take Profit – 1.08594
Risk to Reward – 1 : 2
Profit & Loss Per Standard Lot = +$983/ -$482
Profit & Loss Per Micro Lot = +$98/ -$48
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold hovers around the $1,972 level, with potential support at $1,968.
- Technical indicators, including the 50-day exponential moving average, RSI, and MACD, support a bullish trend for Gold.
- Resistance is observed at $1,980, with the possibility of further gains towards $1,984 and $1,985 levels.
Gold traded around the $1,972 level on Wednesday, displaying various fluctuations. The previous breach of the 23.6% Fibonacci retracement level at $1,968 suggests it may act as a support level for Gold. Key technical indicators, including the 50-day exponential moving average, RSI, and MACD, support a bullish trend, indicating a strong likelihood of a continued upward movement.
On the upside, resistance is observed around the $1,980 level, and a breakthrough above this level could drive prices towards $1,984. Furthermore, if Gold surpasses the $1,984 level, it may target the 61.8% Fibonacci retracement level at $1,985.
However, market focus remains on the release of the FOMC meeting minutes from the US economy, as any indications or insights about future monetary policy could significantly impact Gold’s price action. Hence, it is important to keep a close watch on the $1,968 or $1,965 levels, as they are likely to serve as key support levels for Gold’s price movements today.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) - Trade Idea
Entry Price – Buy Above 1965
Stop Loss – 1950
Take Profit – 1985
Risk to Reward – 1 : 1.33
Profit & Loss Per Standard Lot = +$2000/ -$1500
Profit & Loss Per Micro Lot = +$200/ -$150
ETH/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Ethereum’s price has dropped to $1,824, following Bitcoin’s bearish trend.
- The 50-day moving average suggests potential support around $1,835.
- Bearish indicators such as the RSI and MACD indicate a downward sentiment, urging investors to monitor the $1,835 level for further downside potential.
Ethereum, the second-largest cryptocurrency, has mirrored Bitcoin’s bearish trend, with its price dropping to $1,824. The 50-day moving average on both daily and hourly timeframes suggests potential support around $1,835. A bearish engulfing candle further confirms the downward trend, indicating seller dominance and weakening buyer activity.
Downside potential indicates a possible target of $1,810, with the hourly trendline extending to the psychological level of $1,800. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are currently in the bearish zone, with RSI below 50 and MACD below zero, reflecting a bearish sentiment.
Investors should closely monitor the $1,835 level as a break below it could lead to further downside momentum, potentially testing support levels at $1,800 or $1,885. On the upside, if Ethereum surpasses $1,835 and reaches $1,838, resistance levels at $1,850 or $1,875 may come into play.
ETH/USD Price Chart – Source: Tradingview
ETH/USD - Trade Idea
Entry Price – Sell Below 1830
Stop Loss – 1840
Take Profit – 1795
Risk to Reward – 1 : 3.5
Profit & Loss Per Standard Lot = +$350/ -$100
Profit & Loss Per Micro Lot = +$35/ -$10
BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
* Bitcoin shows bullish momentum, surpassing resistance levels at $27,000 to $27,200.
* Technical indicators, including RSI and MACD, support a strong bullish bias.
* Monitoring the $27,200 level for potential further upward movement in Bitcoin's price
On Tuesday, the popular cryptocurrency Bitcoin is experiencing a bullish surge, surpassing the resistance levels around $27,000 to $27,200. The four-hour timeframe shows a breakthrough of a symmetrical triangle pattern and a downward trend line, indicating a bullish momentum in the market.
Bitcoin's price is now aiming for the next resistance level at $27,650, and a successful breach of this level could lead to further upward movement towards $27,000 and $28,300.
In terms of technical indicators, both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) support a strong bullish bias. The RSI has crossed above the 50 level, while the MACD has moved above the zero level.
Additionally, the 50-day exponential moving average is acting as a significant support around $26,800, providing further confidence in Bitcoin's bullish trend.
Given the positive technical indicators, it is advisable to monitor the $27,200 level as a breakout above this level could signify the continuation of Bitcoin's upward trend.
BTC/USD - Trade Idea
Entry Price – Buy Above 27215
Stop Loss – 26926
Take Profit – 27996
Risk to Reward – 1 : 2.6
Profit & Loss Per Standard Lot = +$781/ -$289
Profit & Loss Per Micro Lot = +$78/ -$28
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
* EUR/USD struggles near the 1.0800 level, indicating a consolidation phase.
* RSI suggests a selling sentiment, while MACD shows a bullish bias.
* Support from the 50-day exponential moving average at 1.0790 level.
On Tuesday, the EUR/USD currency pair is struggling near the 1.0800 level, showing signs of a consolidation phase. The pair has been unable to break above the resistance at 1.0825, and if the candles continue to close below this level, it could indicate a bearish movement in the currency pair.
Examining the key technical indicators, the Relative Strength Index (RSI) suggests a selling sentiment as it hovers around the 42 level. On the other hand, the Moving Average Convergence Divergence (MACD) remains above zero, indicating a bullish bias in the market. Overall, there is an interesting mix of signals from the leading indicators.
However, the 50-day exponential moving average provides support around the 1.0790 level, while the current market price is around 1.0800. Unless the EUR/USD breaks above the 1.0820 level, there is a possibility of maintaining a short position.
Therefore, the recommended strategy for today is to consider selling below the 1.0825 level, with an initial target set at 1.0760. A stop-loss order can be placed around the 1.0850 level.
EUR/USD - Trade Idea
Entry Price – Sell Below 1.08254
Stop Loss – 1.08497
Take Profit – 1.07609
Risk to Reward – 1 : 2.6
Profit & Loss Per Standard Lot = +$645/ -$243
Profit & Loss Per Micro Lot = +$64/ -$24