Daily Price Outlook

    * Gold experiences a strong bearish movement around the 1960 level.

    * Support levels identified at 1955 and potential target at 1952.

    * Resistance level expected at 1968, with potential targets at 1975 or 1980.

    * Bearish sentiment indicated by the 50-day exponential moving average and formation of bearish candles.

Good morning, everyone. The precious metal gold is currently experiencing a strong bearish movement around the 1960 level. As observed on the four-hour timeframe, it aligns closely with our previous forecast, indicating a downward trend.

The next level of support is expected to be around 1955, with a potential target of 1952. On the other hand, resistance for gold is likely to be encountered at the 1968 level. If the price manages to break above this level, it could potentially reach 1975 or 1980.

The 50-day exponential moving average suggests a bearish sentiment, further supported by the formation of consistent bearish candles on the four-hour timeframe.

Additionally, the presence of three consecutive black rose candles indicates a strong selling pressure. Considering these factors, it is advisable to look for short positions below the 1965 level, with a target set at 1955 or 1951.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1965

Stop Loss – 1975

Take Profit – 1950

Risk to Reward – 1 : 1.5

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

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

Daily Price Outlook

    * S&P 500 trades at 4198, aligning with our 4190 forecast. Ascending triangle pattern breached, indicating resistance at 4160.

    * Breach suggests potential continuation of bullish trend in S&P 500.

Watch 4222 resistance and 4180 support. Wait for pullback to 4182 before considering additional positions.

The S&P 500 index is currently trading at the 4198 level, closely aligning with our previous forecast of 4190. On the four-hour timeframe, there has been a breakthrough of an ascending triangle pattern, indicating a strong resistance level around 4160.

This breach of the pattern suggests the potential continuation of the upward bullish trend in the S&P 500.

A bullish engulfing candle has formed on the four-hour chart, indicating a possible buying opportunity. The next significant resistance to monitor is at 4222, while support can be found around 4180. It is advisable to wait for a pullback to the 4182 level before considering additional positions on the S&P 500.

Both the RSI and MACD indicators are currently in neutral territory, and the 50-day exponential moving average is providing additional support.

SPX S&P500 - Trade Idea

Entry Price – Buy 4180

Stop Loss – 4150

Take Profit – 4221

Risk to Reward – 1 : 1.35

Profit & Loss Per Standard Lot = +$407/ -$304

Profit & Loss Per Micro Lot = +$40/ -$30

Daily Price Outlook

    3. EURUSD closed above 1.0795, facing resistance from the correctional bearish channel, stochastic indicator, and EMA50.

    6. Potential for resumption of the bearish trend if it breaks below 1.0795 towards 1.0730. Breaking 1.0835 and 1.0860 levels would halt decline and open the potential for gains.

    9. Today's trading range: 1.0730 support, 1.0880 resistance. Bearish trend expected. Stay tuned for EURUSD updates!

The EURUSD pair concluded last Friday above the 1.0795 level, registering some intraday gains. However, we observed that the price encountered resistance from the correctional bearish channel, accompanied by clear negative signals from the stochastic indicator. Additionally, the EMA50 is exerting consistent downward pressure on the price.

Considering these factors, there is a valid possibility of a resumption of the correctional bearish trend. The initial targets would involve breaking below 1.0795, paving the way for a decline towards 1.0730. It's worth noting that surpassing levels at 1.0835 and 1.0860 would halt the anticipated decline and potentially lead to further gains in the future.

For today's trading, the expected range lies between 1.0730 as support and 1.0880 as resistance. In terms of trend, we anticipate a bearish sentiment for today. Let's keep an eye on the exciting developments in the EURUSD pair!

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 = +$54/ -$24

Daily Price Outlook

    * Gold prices closed the week around 1977.25, still lingering in that range, but the stochastic indicator is flashing overbought signals, adding some negative pressure alongside the EMA50.

    * These factors align with a correctional bearish trend, targeting 1945.20. However, a break above 1977.25 could lead to additional gains, possibly reaching 2016.95.

    * Today's trading range is expected to be between 1955.00 as support and 1990.00 as resistance, with a bearish trend in play.

Gold prices ended the week at the cool level of 1977.25, and they're still hanging out around that range. But uh-oh, the stochastic indicator seems to have lost its groove and is flashing those overbought signals. That's putting some negative pressure on the market, especially with the EMA50 throwing shade.

All of these factors are like a cheerleader for the correctional bearish trend, pushing for a target of 1945.20. However, if the gold price can break free from the negative scenario and surpass 1977.25, then we might see it score some extra gains, maybe even reaching 2016.95.

So, for today's trading, we're looking at a range between 1955.00 as support and 1990.00 as resistance. And in terms of trend, it's feeling a bit bearish, like a grizzly getting ready for a downward dance.

Let's keep an eye on those gold prices and see where they groove next!

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1977

Stop Loss – 1990

Take Profit – 1951

Risk to Reward – 1 : 2

Profit & Loss Per Standard Lot = +$2600/ -$1250

Profit & Loss Per Micro Lot = +$260/ -$125

Daily Price Outlook

    * EUR/USD trading bearishly around 1.0760 levels after 0.64% decline

    * Testing 50% Fibonacci retracement level at 1.0800, heading towards 61.8% level at 1.0736

    * Presence of three black crow candlesticks suggests potential downtrend continuation

The EUR/USD currency pair is currently experiencing significant bearish movement, trading around 1.0760 levels after a 0.64% decline yesterday. On the daily timeframe, it has already reached the 50% Fibonacci retracement level at 1.0800, and now it is heading towards the next Fibonacci level of 61.8% at 1.0736.

The presence of three black crow candlesticks further supports the potential continuation of the downtrend. However, it remains to be seen if the EUR/USD can hold above the 1.0736 level, as a break above this could indicate a possible trend reversal and present a buying opportunity for the upcoming week.

Conversely, if selling pressure persists and the downtrend continues, the pair may break below the 61.8% level and target the 76.8% Fibonacci retracement level at 1.0645. Therefore, it is crucial to monitor the 1.0740 level as a decisive factor for potential price movements today.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.07393

Stop Loss – 1.06893

Take Profit – 1.08721

Risk to Reward – 1 : 2.66

Profit & Loss Per Standard Lot = +$1320/ -$500

Profit & Loss Per Micro Lot = +$132/ -$50

Daily Price Outlook

    * The S&P 500 is trading at 4198, in line with our previous forecast.

    * Violation of the ascending triangle pattern suggests a continuation of the bullish trend.

    * A bullish engulfing candle formation indicates a potential buying opportunity.

    * Resistance is expected at 4222, with support at 4180.

The S&P 500 is currently trading at the 4198 level, aligning closely with our previous forecast of 4190. On the four-hour timeframe, the index has broken through an ascending triangle pattern, indicating a strong resistance level around 4160.

This violation of the pattern suggests a potential continuation of the bullish trend, with further upward movement expected in the S&P 500.

A bullish engulfing candle has formed on the four-hour chart, signaling a potential buying opportunity. The next significant resistance level to watch is at 4222, while support is seen around 4180. It is advisable to wait for a pullback to the 4182 level before considering additional positions on the S&P 500.

Both the RSI and MACD indicators are currently in neutral territory, and the 50-day exponential moving average is providing additional support.

SPX S&P500 - Trade Idea

Entry Price – Buy Above 4180.66

Stop Loss – 4150.24

Take Profit – 4221.43

Risk to Reward – 1 : 1.34

Profit & Loss Per Standard Lot = +$418/ -$304

Profit & Loss Per Micro Lot = +$41/ -$30

Daily Price Outlook

    * Gold demonstrates a rebound after reaching a support level at $1952.

    * Price may reach the 23.6% Fibonacci retracement level at $1968.

    * Bullish momentum could lead to levels at $1987 and $1995.

On Friday, the price of gold experienced a slight recovery after reaching a support level around $1952. This led to an oversold condition, prompting sellers to cover short positions and initiate buying positions to take advantage of the lower prices. Currently, gold is trading around $1962 and could potentially reach the 23.6% Fibonacci retracement level at $1968.

Further demand may push the price to the 38.2% Fibonacci retracement level at $1978. Additionally, a bullish scenario could lead to levels of $1987 or $1995, representing the 50% and 61.8% Fibonacci retracement levels, respectively.

Technical indicators such as RSI and MACD are showing signs of sellers being exhausted, indicating a possible shift in market sentiment. Today's pivot point is expected to be around $1952, with support at $1940 and potentially lower at $1933.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1951

Stop Loss – 1940

Take Profit – 1980

Risk to Reward – 1 : 2

Profit & Loss Per Standard Lot = +$2630/ -$1229

Profit & Loss Per Micro Lot = +$263/ -$122

Daily Price Outlook

    * S&P 500 shows a slight bullish bias, trading around 4150 level

    * Overcame significant resistance at 4149, indicating bullish momentum

Bullish candlestick pattern on the four-hour timeframe signals strong investor sentiment

    * Potential continuation of upward trend towards 4150, with resistance levels at 4180 or 4195

On Thursday, the S&P 500, a leading stock market index, is exhibiting a slight bullish bias, trading around the 4150 level. It has recently surpassed a significant resistance level at 4149, which had been acting as a major hurdle.

Moreover, the formation of a bullish candlestick pattern on the four-hour timeframe indicates a strong bullish sentiment among investors regarding the S&P 500.

Therefore, if the candles continue to close above the 4140 level, it suggests a potential continuation of the upward trend towards the 4150 level, with the next target likely to be around the resistance levels of 4180 or 4195.

Additionally, the 50-day exponential moving average is providing support to the current trend by acting as a support zone around the 4130 level. Furthermore, the RSI and MACD indicators are holding in a bullish zone, further supporting the likelihood of a continued upward trend.

SPX S&P500  - Trade Idea

Entry Price – Buy Above 4149

Stop Loss – 4120

Take Profit – 4196

Risk to Reward – 1 : 1.5

Profit & Loss Per Standard Lot = +$466/ -$296

Profit & Loss Per Micro Lot = +$466/ -$29

Daily Price Outlook

    * Gold continues to face downward pressure, trading around $1980 level

    * Bearish engulfing pattern on the two-hour timeframe suggests a strong bearish bias

    * Resistance at $1985 level reinforced by the 50-day exponential moving average

The price of the precious metal gold continues to experience downward pressure and is currently trading around the $1980 level. On the two-hour timeframe, a bearish candlestick pattern known as an engulfing pattern has formed, indicating a strong bearish bias and suggesting that sellers are dominating the market below the $1985 resistance level.

This resistance level is further reinforced by the 50-day exponential moving average, visible on the two-hour timeframe. Additionally, both the RSI and MACD indicators are in the selling zone, signaling further selling potential in the gold market.

Therefore, gold is likely to encounter immediate resistance around the $1985 level, with potential support found at $1975 and $1965 if gold remains below the key $1975 level.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Below 1982

Stop Loss – 1986

Take Profit – 1974

Risk to Reward – 1 : 1.8

Profit & Loss Per Standard Lot = +$800/ -$400

Profit & Loss Per Micro Lot = +$80/ -$40

Daily Price Outlook

    * GBP/USD trading with a slight downward bias around 1.2469 level.

    * Downtrend line on the two-hour timeframe poses a significant obstacle at 1.2500 level.

    * Potential support levels at 1.2450, 1.2385, and 1.2365 if GBP/USD continues to decline. Resistance at 1.2545 if it breaks above 1.2506 level.

On Thursday, the GBP/USD currency pair is trading with a slight downward bias around the 1.2469 level. The GBP/USD movement is currently constrained as the downtrend line on the two-hour timeframe poses a significant obstacle around the 1.2500 level.

The British pound's recent dip below the 50-day exponential moving average indicates a potential decline towards the support level of 1.2450, with further downside targets at 1.2385 or 1.2365. Conversely, a break above the 1.2506 level could lead to a test of the next resistance level at 1.2545.

Notably, the RSI and MACD indicators show divergence, with RSI holding in the selling zone while MACD histogram remains above zero.

These conflicting signals suggest a cautious approach, with the recommendation to seek selling opportunities below the 1.2500 level, setting a stop loss around 1.2520 and targeting 1.2425.

GBP/USD - Trade Idea

Entry Price – Sell Below 1.2500

Stop Loss – 1.2520

Take Profit – 1.2425

Risk to Reward – 1 : 1.8

Profit & Loss Per Standard Lot = +$517/ -$287

Profit & Loss Per Micro Lot = +$51/ -$28