Daily Price Outlook

    * Gold prices have settled around $2,020.00 with positive support from EMA50.

    * Stochastic is gathering positive momentum on the intraday time frames, indicating a potential rise in upcoming sessions.

    * First positive station target is $2,048.70, but breaking $2,002.00 could lead to correctional bearish wave. Expected trading range today is between $2,007.00 support and $2,045.00 resistance.

Gold prices are currently settled around the $2,020.00 level, with continuous positive support from the EMA50. The stochastic is beginning to gather positive momentum on the intraday time frames, which leads us to believe that there are valid chances for the rise to continue in the upcoming sessions.

Our first positive station target is set at $2,048.70, and breaching this level will push the price to $2,075.25 as the next target. However, breaking $2,002.00 represents a negative factor that will push the price to start a correctional bearish wave on the intraday basis.

The expected trading range for today is between $2,007.00 support and $2,045.00 resistance. Happy trading!

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2020

Stop Loss – $2005

Take Profit – $2055

Risk to Reward – 1 : 2.33

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

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

Daily Price Outlook

    * Gold price experiences a bullish bounce, extending an upward trend from the 78.6% Fibonacci retracement level of 1,999.

    * Immediate resistance around 2,024, while RSI and MACD indicators show divergence on the four-hour timeframe.

    * Watch for pivot point at 2,025 level, with potential buy positions above 2,015 and a stop loss around 2,010.

Good morning, everyone, and welcome back to another week. Taking a look at the precious metal, gold, the price has experienced a slight bounce from just above the 78.6% Fibonacci retracement level of 1,999. The closing of candles above the 2,010 level has triggered a bullish bounce, and it is now extending an upward trend in today's gold price.

On the four-hour timeframe, gold is likely to face immediate resistance around the 2,024 level, which is marked by the 50-day exponential moving average (green line). Meanwhile, the RSI and MACD indicators are showing divergence. For instance, the RSI is holding above the 50 level, while the MACD is still forming histograms below the zero level.

Given this, we must keep an eye on the 2,025 level, as it is likely to act as a pivot point for gold today. Failure to cross above this level has the potential to limit gold's upward movement.

However, if gold manages to break above the 2,025 level, the upward trend will be exposed to the next resistance levels of 2,032 or 2,046. So today, the idea is to look for a buy position above the 2,015 level, with a stop loss placed somewhere around 2,010.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2012

Stop Loss – $1997

Take Profit – $2040

Risk to Reward – 1 : 2.2

Profit & Loss Per Standard Lot = +$2769/ -$1457

Profit & Loss Per Micro Lot = +$276/ -$145

Daily Price Outlook

    * The EUR/USD pair is trading bullishly around 1.1040, with immediate support at 1.1016 and a Tweezer Bottom pattern indicating a potential upward movement.

    * The next resistance level for EUR/USD is at 1.1060, and crossing this level may lead to the price reaching 1.1090.

    * The 50-day EMA acts as support, while RSI and MACD indicators show a buying zone; today's pivot point is around 1.1015, with a suggested buy position above 1.1025.

On Monday, the EUR/USD pair is trading around the 1.1040 level, exhibiting a bullish bias. On the two-hourly timeframe, we can see that the EUR/USD has found immediate support around the 1.1016 level.

Moreover, the currency pair has formed a Tweezer Bottom pattern, or alternatively, a bullish engulfing pattern, which can be observed on the two-hourly timeframe near the 1.1016 level. Currently, the formation of three white soldiers candlesticks indicates that the bullish bias is dominating the market.

With that in mind, the EUR/USD has the potential to target the next resistance level at 1.1060, and a bullish cross above this level could lead the price towards 1.1090.

The 50-day exponential moving average has already been surpassed by the EUR/USD around the 1.1030 level and is now acting as support. Meanwhile, the RSI and MACD, two leading technical indicators, are also holding in a buying zone.

Consequently, today's pivot point is likely to be around the 1.1015 level. The suggested strategy is to look for a buy position above 1.1025 for today.

EUR/USD - Trade Idea

Entry Price – Buy 1.1025

Stop Loss – 1.0988

Take Profit – 1.10900

Risk to Reward – 1 : 1.77

Profit & Loss Per Standard Lot = +$646/ -$366

Profit & Loss Per Micro Lot = +$646/ -$36

Daily Price Outlook

    * Ethereum faces a decline, struggling to surpass $2,000 and entering a bearish zone like Bitcoin, with current price around $1,843.

    * Breaking above $1,915 resistance could lead to a surge towards $1,940 and possibly $2,000 or $2,050.

    * Failure to clear $1,900 could result in further price drops, with support levels at $1,840, $1,800, and potentially $1,740 or $1,700.

Ethereum's struggle to surpass the $2,000 mark led to a decline, entering a bearish zone like Bitcoin. Currently, ETH's price hovers around $1,843, with resistance forming near $1,900 on the hourly chart. Immediate resistance lies at $1,890, close to the 50% Fib retracement level of the recent drop.

If Ethereum can break above $1,915, it could surge towards $1,940 and potentially reach $2,000 or $2,050. However, if it fails to clear $1,900, the price might continue to drop, with support levels at $1,840, $1,800, and possibly $1,740 or $1,700.

Ethereum - Trade Idea

Entry Price – Sell Below 1880

Stop Loss – 1910

Take Profit – 1845

Risk to Reward – 1 : 1.17

Profit & Loss Per Standard Lot = +$317/ -$270

Profit & Loss Per Micro Lot = +$31.7/ -$27

Daily Price Outlook

    * EUR/USD tested EMA support at 1.1010 and is starting positively, attempting to resume the bullish trend. Stochastic signals positive. Breach of 1.1075 confirms rally to 1.1150.

    * We suggest intraday and short-term bullish trend. Breaking 1.1010 leads to negative pressure and a potential drop to 1.0945.

    * Today, the EUR/USD's range is likely to be between 1.0970 support and 1.1120 resistance.

The EUR/USD pair tested the Exponential Moving Average 50 (EMA50), which formed good support at 1.1010 and maintained stability above it. It has started today with a positive trend and attempts to resume the main bullish trend. The Stochastic oscillator is providing clear positive signals at the moment, which could motivate the price to provide more positive trades in the upcoming sessions. The breach of 1.1075 will confirm a rally towards the next target of 1.1150.

Therefore, we will continue to suggest a bullish trend on an intraday and short-term basis. Breaking 1.1010 will stop the positive scenario and put the price under additional negative pressure, leading to a potential drop towards the 1.0945 level before any new attempt to rise.

The expected trading range for today is between the support level of 1.0970 and the resistance level of 1.1120.

EUR/USD - Trade Idea

Entry Price – Buy 1.10067

Stop Loss – 1.09758

Take Profit – 1.10878

Risk to Reward – 1 : 2.6

Profit & Loss Per Standard Lot = +$811/ -$309

Profit & Loss Per Micro Lot = +$81/ -$30

Daily Price Outlook

    * Gold is attempting to break the $2,048.70 resistance level but struggling to maintain position above it.

    * Fluctuation between $2,030.00 support and resistance level is crucial for determining gold's next trend.

    * Breakthrough of either level will indicate future price destination; a resistance break could see prices reach $2,100.00, while a support break may see prices drop to $2,017.00 followed by $2,010.00.

The current gold price is attempting to surpass the major resistance level of $2,048.70, but it has been facing difficulty in maintaining a steady position above it.

It is presently fluctuating between the support level of $2,030.00 and the resistance level, which is a crucial aspect to consider for determining the next trend of gold.A definitive breakthrough of either level will indicate the upcoming destination for the price.

If the resistance level is exceeded, we can anticipate that the price will maintain its upward momentum towards $2,100.00 levels. Alternatively, if the support level breaks, the price may encounter negative pressure and fall towards the levels of $2,017.00 followed by $2,010.00.

Today's trading range is estimated to be between the support level of $2,030.00 and the resistance level of $2,070.00.

GOLD - Trade Idea

Entry Price – Sell Below $2050

Stop Loss – $2030

Take Profit – $2065

Risk to Reward – 1 : 1.3

Profit & Loss Per Standard Lot = +$2000/ -$1500

Profit & Loss Per Micro Lot = +$200/ -$150

Daily Price Outlook

    * GBP/USD is hovering around 1.2600 with new attempts to break it, indicating a bullish trend with a target of 1.2650 and potentially 1.2810.

    * The 50-day EMA is supporting the bullish wave organized by bullish channels. Breaking 1.2520 will stop the expected rise and send the price into a bearish correction.

    * Today's trading range is between 1.2520 support and 1.2680 resistance.

Since yesterday, the GBP/USD pair has been lingering around the 1.2600 level, with new attempts to break it, bolstering the projected positive trend in the coming time, with the next objective at 1.2650. Surpassing this level will pave the path for additional gains toward the 1.2810 area.

The 50-day exponential moving average is supporting the bullish wave, which is organized by bullish channels. Breaking 1.2520, on the other hand, will halt the expected rise and send the price into a new bearish correction, with a potential target of 1.2400 areas before any new attempt to resume the main bullish trend.

Today's predicted trading range is between the 1.2520 support level and the 1.2680 resistance level.

GBP/USD - Trade Idea

Entry Price – Buy 1.26000

Stop Loss – 1.25400

Take Profit – 1.27000

Risk to Reward – 1 : 1.6

Profit & Loss Per Standard Lot = +$1000/ -$600

Profit & Loss Per Micro Lot = +$100/ -$60

Daily Price Outlook

    * USD/JPY experienced a sharp bearish trend during the Asian session, dropping to 134.50, with the formation of three black crows on the four-hour timeframe.

    * The pair completed a 61.8% Fibonacci retracement around 134.83, suggesting further downside potential if the candle closes below this level.

    * The USD/JPY could target the 78.6% Fibonacci retracement level at 134.065; if candles close above, it may trigger an upward movement, with immediate resistance at 134.83 and potential targets of 135.45 or 136.

During the Asian session, the USD/JPY traded with a sharp bearish trend, having dropped to 134.50. At present, when examining the four-hour timeframe, the USD/JPY has formed solid bearish candles, which are essentially three black crows, suggesting a dominant bearish sentiment in the market today.

On the four-hour chart, we can observe that the USD/JPY pair has completed a 61.8% Fibonacci retracement around the 134.83 level. The closing of the candle below this particular level indicates that there is more downside potential today.

With that in mind, the USD/JPY has the potential to target the 78.6% Fibonacci retracement level, which is marked around 134.065. The closing of candles above this specific level could potentially trigger a new upward movement in the currency rate today.

On the upside, an immediate resistance is observed around the 134.83 level, and a bullish break above this level may lead the Japanese yen towards 135.45 or 136.

USD/JPY - Trade Idea

Entry Price – Buy Limit 134

Stop Loss – 133

Take Profit – 136

Risk to Reward – 1 : 2

Profit & Loss Per Standard Lot = +$1,487/ -$743

Profit & Loss Per Micro Lot = +$148/ -$74

Daily Price Outlook

    * Gold's substantial uptrend reached a high of $2,067, driven by the US Federal Reserve's interest rate hike from 5% to 5.25%.

    * Despite the typical negative correlation between the US dollar and gold during rate hikes, the 5.25% hike was already anticipated and priced in, leading investors to buy gold after the announcement.

    * Gold currently faces resistance, with the potential to drop towards immediate support levels of $2,030 or $2,025 if it fails to break through.

The precious metal gold experienced a substantial uptrend, reaching a high of $2,067, largely driven by the US Federal Reserve's interest rate hike from 5% to 5.25%. Typically, the US dollar has a negative correlation with gold when the Federal Reserve raises interest rates, as it strengthens the US dollar. As a result, gold prices tend to decline when the US dollar strengthens.

However, in this specific case, the 5.25% rate hike was already anticipated and priced in, meaning investors were well aware that the rate hike would trigger a downtrend in gold.

Consequently, they held a bearish stance on the precious metal. However, once the rate hike was announced, investors began purchasing gold.

Currently, gold is facing resistance, and below this level, it has the potential to drop towards an immediate support level of $2,030 or $2,025.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $2055

Stop Loss – $2030

Take Profit – $2070

Risk to Reward – 1 : 1.65

Profit & Loss Per Standard Lot = +$2500/ -$1500

Profit & Loss Per Micro Lot = +$250/ -$150

Daily Price Outlook

    * Bullish BTC/USD outlook, targeting 29,300 resistance after dropping to 28,250.

    * Rising demand may push BTC above 29,300; significant support near 28,650 level.

    * Breaking below 28,650 could extend downtrend to 27,823 support and potentially 27,150.

The BTC/USD is trading with an optimistic tone after dropping to 28,250. On the 4-hour chart, Bitcoin has formed a bullish engulfing pattern and is now advancing towards the next resistance level at 29,300.

If demand for BTC increases, it could potentially break above the 29,300 mark, exposing it to the next resistance level at 29,975.

Conversely, on the downside, BTC is likely to encounter significant support around the 50-day exponential moving average, which may offer support near the 28,650 level.

Should the price break below the 28,650 level, the downtrend could extend until it reaches the next support level at 27,823.

If the price drops further below 27,800, the downtrend may continue until the next support level of 27,150.

BTC/USD Trade Idea

Entry Price – Buy Above $28,950

Stop Loss – $28,400

Take Profit – $29,700

Risk to Reward – 1 : 1.36

Profit & Loss Per Standard Lot = +$676/ -$496

Profit & Loss Per Micro Lot = +$67/ -$49