S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The prominent S&P 500 stock market index is currently oscillating around the 4464 mark. This specific support is reinforced by the 61.8% Fibonacci retracement level, and the candlestick patterns suggest that there is a strong possibility for a continued decline. The S&P 500 finds its next support at approximately 4437, underpinned by the 78.6% Fibonacci level.
Key technical indicators, such as the RSI and MACD, are currently positioned within the bearish territory. Meanwhile, the 50-day exponential moving average indicates a bearish sentiment, offering immediate resistance near the 4472 level. For now, traders should closely monitor the 4475 mark.
A move below this could usher in a more pronounced bearish trend. Conversely, if the index surpasses this level, we could anticipate an uptrend towards 4490 or even an ascent towards 4525. Should the index descend below 4475, there's potential for the S&P 500 to plummet to the 4435 level, with a further potential drop bringing the index close to the 4400 benchmark.
S&P500 (SPX) - Trade Idea
Entry Price – Sell Below 4470
Take Profit – 4400.00
Stop Loss – 4517.00
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$700/ -$470
Profit & Loss Per Micro Lot = +$70/ -$47
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The EUR/USD pair is exhibiting notable upward momentum as it tests the pivotal resistance level at 1.1030. This prompts a cautious approach in the upcoming trading sessions, emphasizing the importance of the price remaining below this level to sustain the current bearish trend. The associated targets within this bearish trajectory lie at 1.0955 and extend further to 1.0880, contingent on the successful breach of the aforementioned resistance level.
Conversely, it's crucial to acknowledge that a breach of 1.1030, followed by a sustained position above it, would halt the negative scenario and potentially reignite an attempt to reestablish the primary bullish trend. In terms of today's expected market dynamics, the projected trading range spans from the support level of 1.0900 to the resistance level of 1.1030.
Overall, the prevailing trend for today is anticipated to be bearish.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.09614
Take Profit – 1.10350
Stop Loss – 1.09087
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$736/ -$527
Profit & Loss Per Micro Lot = +$73/ -$52
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The precious metal gold is currently trading with a bearish stance after breaching the critical support level at $1920. The formation of a potential double bottom pattern on the hourly timeframe suggests a potential continuation of the downtrend.
Presently, a temporary support seems to be forming around the $1915 level, which holds the potential to further drive selling pressure toward the $1900 level.
Additionally, observing the four-hour timeframe, the 50-day moving average indicates a probable resistance forming around the $1920 level. If gold manages to surpass this level, it may expose the price to the range of $1930 to $1940, where $1930 currently serves as resistance.
It's worth noting that this level previously acted as support on August 3 and August 4. In the event of increased demand for gold, a breakout above $1930 could propel the price toward $1940 to $1947.
Conversely, a breach below the recent support level of $1914 might drive the gold price down to the $1900 to $1892 range. Therefore, today's focus lies on the pivotal level of $1912, as a breakout below this point could potentially signal further selling trades.
GOLD(XAU/USD) - Trade Idea
Entry Price – Sell Below 1912
Take Profit – 1902
Stop Loss – 1922
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$1000/ -$1000
Profit & Loss Per Micro Lot = +$100/ -$100
S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The primary stock market index is the S&P 500, currently positioned at 4,671.1 points. A thorough analysis of the four-hour timeframe reveals a noteworthy technical perspective for the SPX. This perspective gains significance following its successful breach of the crucial 4,500 level.
In terms of downside potential, should the S&P 500 maintain its position below 4,757.94, there is the possibility of a decline towards the 4,437 level. Examining the longer timeframe, the S&P 500 has already achieved approximately 58.7% of its retracement from the 4,474 level. The presence of the 50-day exponential moving average provides a suggestive context for the continuation of the ongoing downtrend.
Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators offer supportive readings, enhancing the probability of sustained downward momentum. Presently, breaking below 4,450 could potentially provide an opportunity to initiate a short position on the S&P 500, with a target set at 4,437 or even lower to the 4,400 level.
S&P500 (SPX) - Trade Idea
Entry Price – Sell Below 4470
Take Profit – 4400
Stop Loss – 4517
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$700/ -$470
Profit & Loss Per Micro Lot = +$70/ -$47
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The gold price came very close to reaching our anticipated target at $1,913.15. It commenced today with a slightly bullish inclination, influenced by the positive movement of the stochastic indicator. We are anticipating a reversal in momentum that will contribute to breaking the mentioned level, thereby paving the way for achieving further downward targets, reaching as low as $1,892.00.
The EMA50 indicator is consistently exerting downward pressure, reinforcing the likelihood of the bearish trend persisting in the upcoming trading sessions. It's important to note that a failure to breach the $1,913.15 level would result in the price embarking on recovery efforts, potentially leading to gains starting with a test of the $1,929.00 level, followed by the $1,945.20 level.
The projected trading range for today is expected to be between the support level of $1,900.00 and the resistance level of $1,930.00.Overall, the prevailing trend for today is anticipated to be bearish.
GOLD (XAU/USD) - Trade Idea
Entry Price – Buy Above 1914
Take Profit – 1925
Stop Loss – 1906
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$1100/ -$800
Profit & Loss Per Micro Lot = +$110/ -$80
GOLD Price Analysis – Aug 10, 2023
Daily Price Outlook
Gold Price (XAU/USD) found support in Thursday's Asian session, bouncing back from a one-month low of about $1,913 seen on the previous day. The XAU/USD pair managed to break a three-day losing streak and currently trades in the range of $1,916 to $1,917, with a small gain of just over 0.10% for the day. However, the upward movement lacks strong momentum or a clear bullish direction for now.
Traders Playing It Safe Before US Inflation Data
However, the recent movement in the gold price might be because traders are being cautious before the US releases data about inflation. This information is important because it decides whether the US central bank, called the Federal Reserve, will change interest rates. People are keeping a close watch on how the inflation data might affect the gold price. But if the central bank makes the rules stricter, it could be difficult for the gold price, as gold doesn't give returns like other investments.
Gold's Future Tied to US Economy
People expect the US central bank to keep interest rates high because they're hopeful about the strong US economy. This keeps the interest rates on US Treasury bonds high and helps the US Dollar to stay strong. If the US Dollar gets stronger, it might stop the gold price from going up more. The upcoming inflation data for July in the US will give important hints about what the Federal Reserve plans to do with interest rates in September. If inflation stays high, the Fed might think about raising interest rates. At the same time, people might not feel as confident spending money because mortgage rates have gone up a lot, reaching a high of 7.09% this week.
China's Economy Affects Gold Price
As concerns grow about China's economy weakening due to recent poor economic indicators, people might turn to gold as a safe option. China's low inflation and disappointing trade outcomes indicate economic challenges. Despite this, experts predict gold's value might decrease overall. So, if there's a temporary increase, it could vanish quickly, an opportunity for sellers. Chances still favor the gold price decreasing.
GOLD (XAU/USD) - Technical analysis
The gold price came very close to reaching our anticipated target at $1,913.15. It commenced today with a slightly bullish inclination, influenced by the positive movement of the stochastic indicator. We are anticipating a reversal in momentum that will contribute to breaking the mentioned level, thereby paving the way for achieving further downward targets, reaching as low as $1,892.00.
The EMA50 indicator is consistently exerting downward pressure, reinforcing the likelihood of the bearish trend persisting in the upcoming trading sessions. It's important to note that a failure to breach the $1,913.15 level would result in the price embarking on recovery efforts, potentially leading to gains starting with a test of the $1,929.00 level, followed by the $1,945.20 level.
The projected trading range for today is expected to be between the support level of $1,900.00 and the resistance level of $1,930.00.Overall, the prevailing trend for today is anticipated to be bearish.
GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The GBP/USD pair successfully breached the 1.2725 level and concluded the daily candlestick below it. This development reinforces the anticipation of a sustained bearish trend in the forthcoming trading sessions, thereby paving the way for a potential move towards 1.2825 as the next downside target.
The influence of the EMA50 indicator continues to align with the projected bearish wave. It's noteworthy that surpassing the 1.2725 level would alleviate the present downward pressure, initiating potential recovery attempts aimed at reaching the 1.2825 regions initially.
For today's trading outlook, the projected range is set between the support level of 1.2625 and the resistance level of 1.2790.
GBP/USD - Trade Idea
Entry Price – Buy Stop 1.28112
Take Profit – 1.29034
Stop Loss – 1.26950
Risk to Reward – 1: 0.80
Profit & Loss Per Standard Lot = +$922/ -$1162
Profit & Loss Per Micro Lot = +$92/ -$116
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The EUR/USD pair has maintained a sideways and narrow trajectory since yesterday. It's worth noting that the EMA50 indicator continues to exert downward pressure on the price, thus sustaining the bearish trend scenario. The confirmation of this scenario hinges on the breach of the 1.0955 level, which would validate the extension of the bearish movement toward the 1.0880 level.
The presence of a double top pattern's negative influence enhances the likelihood of further anticipated declines in the forthcoming sessions. It's crucial to emphasize that the continuity of the bearish trend necessitates staying below the 1.1030 level.
For today, the projected trading range spans from the support level of 1.0900 to the resistance level of 1.1030.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.09770
Take Profit – 1.10380
Stop Loss – 1.09237
Risk to Reward – 1: 2.1
Profit & Loss Per Standard Lot = +$610/ -$533
Profit & Loss Per Micro Lot = +$61/ -$53
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The EUR/USD pair made an effort to surpass the 1.0955 threshold but has commenced the day on a bullish note, influenced by the Stochastic indicator's positive outlook. Some interim gains are anticipated before the pair potentially resumes its downtrend.
The persistent downward pressure exerted by the EMA50 underscores the prevailing bearish correction trend, a sentiment further reinforced by the recently observed double top pattern on the chart.
In light of the current analysis, the bearish trajectory is projected to continue in the near term, with a key target pinpointed at 1.0880. It's imperative to note, however, that any breach above the 1.1030 level could negate this bearish forecast, redirecting the pair towards its primary bullish trajectory.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.09445
Take Profit – 1.10403
Stop Loss – 1.08992
Risk to Reward – 1: 2.1
Profit & Loss Per Standard Lot = +$958/ -$453
Profit & Loss Per Micro Lot = +$95/ -$45
AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The AUD/USD pair closed beneath the 0.6550 benchmark yesterday, further solidifying the forecasted bearish trajectory for the imminent timeframe, with an eye on the 0.6400 mark as the subsequent pivotal target.
The prevailing bullish undertone, as indicated by the Stochastic's upbeat momentum, necessitates the pair to remain under the 0.6550 and 0.6600 thresholds to ensure the continuation of the anticipated bearish momentum. Surpassing these benchmarks could act as a catalyst for the pair's resurgence, initiating a potential rally towards the significant resistance set at 0.6665.
For today, the anticipated trading spectrum is projected to span from a support level of 0.6490 to a resistance of 0.6590. The day's overarching trend is expected to be bullish.
AUD/USD - Trade Idea
Entry Price – Buy Above 0.65281
Take Profit – 0.66089
Stop Loss – 0.64763
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$808/ -$518
Profit & Loss Per Micro Lot = +$80/ -$51