Daily Price Outlook

• Gold prices have rallied strongly, confirming a breach of the $1945.20 level.
• The formation of a double bottom pattern supports the potential for further upward movement.
• The EMA50 provides support for a continued bullish bias on the intraday basis.

Gold prices have demonstrated a strong bullish rally, confirming a breakthrough of the $1945.20 level. Upon closer analysis of the chart, it can be observed that the price has completed the formation of a double bottom pattern, indicating the potential for further upward movement in the upcoming sessions.

Our next target is positioned at $1977.25, and surpassing this level would be the key to rallying towards $2000.00, followed by the $2016.90 area as additional positive targets.

Consequently, we anticipate a continued bullish bias on the intraday basis, supported by the presence of the EMA50, which is providing upward momentum. It is important to note that a break below $1945.20 would halt the suggested rise and potentially lead the price back into a bearish track.

The projected trading range for today is expected to be between the support level at $1950.00 and the resistance level at $1980.00.

Overall, the trend for today is anticipated to be bullish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1955

Take Profit – 1970

Stop Loss – 1945

Risk to Reward – 1: 1.5

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

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

Daily Price Outlook

• Bitcoin faces resistance below $30,500 and risks a drop towards $29,850.
• Attempts to surpass the $30,500 resistance have been met with selling pressure near $30,850.
• Immediate support lies at $30,230, while a break below $30,000 could lead to further decline.

Bitcoin's price struggled to gain bullish momentum following the release of the US CPI data. Currently trading below $30,500, there is a potential risk of a drop towards the $29,850 level.

Despite an attempted increase above the $30,500 resistance zone, Bitcoin faced resistance near $30,850, resulting in a downside reaction.

The price broke below a connecting bullish trend line and the $30,500 support, reaching a low around $30,230. Currently, Bitcoin is consolidating losses below $30,500 and the 100-hourly simple moving average.

Immediate resistance is observed near the $30,400 level and the 100-hourly simple moving average, followed by the $30,550 zone. A breakthrough above the $30,550 level could provide bullish momentum, potentially leading Bitcoin towards the $30,850 resistance and the subsequent major resistance at $31,000.

If Bitcoin fails to clear the $30,500 resistance, it may experience another decline. Immediate support is found near $30,230, with the next major support near the $30,000 level. Further losses could push the price towards the $29,850 support zone, and potentially even lower towards the $29,400 level.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade idea

Entry Price – Sell Limit 30398

Take Profit – 30000

Stop Loss – 30604

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$398/ -$206

Daily Price Outlook

• The EUR/USD pair maintains a persistent bullish bias, approaching the target at 1.1184.
• The breakthrough of the bullish channel's resistance supports the continuation of the upward trend.
• The EMA50 provides support for further upward movement.

The EUR/USD pair exhibits a persistent bullish bias, gradually approaching our anticipated target at 1.1184. This bullish momentum is further supported by the breakthrough of the resistance of the bullish channel depicted on the chart, indicating the likelihood of a continued upward trend in the short-term and medium-term. Further gains are expected, potentially reaching 1.1275.

Consequently, we anticipate further upward movement in the upcoming sessions, underpinned by the support provided by the EMA50. It is important to note that a break below 1.1075 would halt the expected rise and potentially lead to a bearish correction before resuming the bullish wave.

The projected trading range for today is expected to be between the support level at 1.1080 and the resistance level at 1.1235.

Overall, the trend for today is anticipated to be bullish.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.11155

Take Profit – 1.11806

Stop Loss – 1.10544

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$651/ -$611

Profit & Loss Per Micro Lot = +$65/ -$61

Daily Price Outlook

• GBP/USD exhibits strong upward momentum, nearing the primary target at 1.3000.
• Holding above 1.2848 is crucial for achieving the desired targets.
• The projected trading range for today is between the support level at 1.2890 and the resistance level at 1.3050.

The GBP/USD pair is displaying clear upward momentum as it approaches our primary target at 1.3000. We anticipate the bullish bias to persist in the upcoming sessions, aiming for additional positive targets at 1.3075.

Hence, the bullish trend is expected to maintain its dominance on both intraday and short-term bases, characterized by the presence of a bullish channel on the chart. It is crucial for the price to stay above 1.2848 to achieve the anticipated targets.

However, it is worth noting that a bearish correction is anticipated as the GBP/USD pair has entered the overbought zone.

The projected trading range for today is situated between the support level at 1.2890 and the resistance level at 1.3050.

Overall, the trend for today is expected to be bullish with a possibility of a bearish correction.

GBP/USD Price Chart – Source: Tradingview

GPB/USD - Trade Idea

Entry Price – Sell Limit 1.29696

Take Profit – 1.28829

Stop Loss – 1.30095

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$867/ -$399

Profit & Loss Per Micro Lot = +$86/ -$39

Daily Price Outlook

• Gold prices have surpassed the $1929.00 level, with confirmation from the daily candlestick close above it.
• It is advisable to wait for clearer signals before taking action, watching for a break of the $1945.20 resistance or the $1929.00 support.
• The expected trading range for today is between support at $1920.00 and resistance at $1960.00.

Gold prices have successfully surpassed the $1929.00 level, confirmed by the daily candlestick closing above it. The next crucial resistance stands at $1945.20, supported by the EMA50. However, caution is advised as stochastic indicators display negative signals that could impede further upward movement.

It is recommended to remain on the sidelines until clearer signals for the next trend emerge, either by breaking the resistance at $1945.20 or the support at $1929.00.

A breach of the resistance would lead to additional gains targeting $1977.25, while breaking the support could reintroduce bearish pressure, potentially testing the $1913.15 level initially.

Breaking this level would open the path for a decline towards the next negative target at $1873.45.

The expected trading range for today is anticipated to be between the support level at $1920.00 and the resistance level at $1960.00. Overall, the trend for today is expected to be neutral.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1932

Take Profit – 1950

Stop Loss – 1922

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1800/ -$1000

Profit & Loss Per Micro Lot = +$180/ -$100

Daily Price Outlook

• AUDUSD shows strong positive momentum, moving away from the 0.6665 level.
• Completion of a double bottom pattern indicates potential for surpassing key levels, targeting 0.6850 and 0.6924.
• Anticipate a bullish sentiment, provided the price remains stable above 0.6665.

The AUDUSD pair starts today's trading session with strong positive momentum, distancing itself from the 0.6665 level. This reinforces the expectation of a continued bullish trend on an intraday basis, with a target of 0.6780 being the main focus.

Upon closer analysis of the chart, we observe the completion of a double bottom pattern, which suggests the potential for the price to surpass the mentioned level and achieve further gains, targeting 0.6850, followed by 0.6924.

Consequently, we anticipate a predominance of bullish sentiment in the upcoming sessions, contingent on the price remaining stable above 0.6665.

The expected trading range for today is projected to be between the support level at 0.6690 and the resistance level at 0.6790.

Overall, the outlook for today's trend is bullish.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Limit 0.67011

Take Profit – 0.67658

Stop Loss – 0.66456

Risk to Reward – 1: 1.17

Profit & Loss Per Standard Lot = +$647/ -$555

Profit & Loss Per Micro Lot = +$64/ -$55

Daily Price Outlook

During early trading in Asia on Tuesday, the EUR/USD bulls achieved a three-week high near 1.1015, extending their four-day winning streak. This move allowed them to surpass the key resistance line from the previous day and propel the Euro buyers towards another significant upward milestone.

The EUR/USD pair is currently finding support from the breakout of a two-month-old descending resistance line, which now acts as immediate support around 1.0980. The bullish signals from the MACD and the non-overbought RSI (14) line further support the optimistic sentiment.

However, the previous monthly high around 1.1015 provides encouragement to the EUR/USD bulls, particularly as traders await US inflation data and second-tier Eurozone sentiment figures. The bears would face challenges before gaining control, including an upward-sloping support line from March, which is currently near 1.0730.

The EUR/USD bulls approached the 1.1000 hurdle, marking the highest levels in over two weeks, during Tuesday's early Asian session. Despite hawkish comments from Federal Reserve (Fed) officials, the Euro-dollar pair benefited from the overall weakness in the US Dollar and a risk-taking sentiment, supported by a positive market outlook.

However, despite the recent hawkish statements, Fed officials have been unable to influence US inflation expectations, especially following the disappointing US jobs report released on Friday. While US Treasury bond yields declined, Wall Street closed on a positive note.

Nevertheless, the benchmark US 10-year Treasury bond yields experienced their first daily loss in July, while the two-year yields declined for the second consecutive day, reaching levels of approximately 4.00% and 4.86%, respectively.

Looking ahead, DXY traders will monitor risk factors before turning their attention to Wednesday's US inflation data for further guidance.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EUR/USD pair displayed strong upward momentum yesterday, successfully reaching the 1.1000 level. Today, the pair continues with a positive tone, aiming to surpass this level and confirm the continuation of the prevailing bullish trend. The next significant target is set at 1.1075.

The bullish trend remains intact and well-defined within a bullish channel visible on the chart. The EMA50 provides additional support, further reinforcing the upward movement. Holding above 1.0940 is crucial to sustain the rise, and surpassing the target level would extend the bullish wave towards the 1.1184 area.

The expected trading range for today is between the support level at 1.0960 and the resistance level at 1.1105.

Overall, the outlook for today indicates a bullish trend in the EUR/USD pair.

Daily Price Outlook

• The AUD/USD pair has rebounded, surpassing the 0.6665 level and closing above it, indicating potential for an intraday bullish wave.
• The presence above the EMA50 supports the anticipated bullish trend, with a target at 0.6780. Breaking above 0.6705 would further facilitate reaching this target.
• The bullish trend remains valid as long as the pair holds above 0.6665. The projected trading range for today is between the support level at 0.6640 and the resistance level at 0.6750.

The AUD/USD pair has made a rebound, surpassing the 0.6665 level and closing above it, indicating the potential for a bullish wave on an intraday basis. Our analysis suggests a possible move towards the next significant level at 0.6780.

The presence above the EMA50 provides support for the anticipated bullish trend, and breaking above 0.6705 would facilitate the achievement of our target. However, the bullish trend remains valid as long as the pair does not break below 0.6665 and sustain below it.

For today's trading, the projected range is expected to be between the support level at 0.6640 and the resistance level at 0.6750.

Overall, the outlook for today indicates a bullish trend in the AUD/USD pair.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Stop 0.67050

Take Profit – 0.67472

Stop Loss – 0.66673

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$422/ -$377

Profit & Loss Per Micro Lot = +$42/ -$37

Daily Price Outlook

• Gold prices show resilience around the $1,930.00 level, indicating modest bullishness.
• The potential for an uptrend to resume on an intraday basis remains, with an initial target at $1,913.15 and a further target at $1,873.50.
• Sustaining a position above $1,929.00 is crucial for maintaining upward momentum, and a break above $1,945.20 could lead to short-term gains.

Gold prices remain modestly bullish around the $1,930.00 level, demonstrating resilience below $1,934. Despite a slight loss of positive momentum indicated by the stochastic indicator, there is potential for the expected uptrend to resume on an intraday basis.

The initial target for this bullish move is at $1,913.15, with a break above this level possibly pushing the price towards the next significant target at $1,873.50.

Sustaining a position above $1,929.00 is crucial to maintain the anticipated upward momentum. If the price successfully breaches this level, it could lead to short-term gains, with the $1,945.20 level becoming a potential testing ground before any renewed negative attempts.

For today's trading, the projected range is expected to be between the support level at $1,905.00 and the resistance level at $1,940.00.

Overall, the outlook for today suggests a bullish trend in the gold market.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Stop 1935

Take Profit – 1945

Stop Loss – 1927

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$1000/ -$800

Profit & Loss Per Micro Lot = +$100/ -$80

Daily Price Outlook

• The EUR/USD pair showed strong upward momentum, reaching the 1.1000 level and continuing with a positive tone today.
• The bullish trend remains intact, supported by a bullish channel on the chart and the EMA50.
• Holding above 1.0940 is important for sustaining the rise, while breaching the target level would extend the bullish wave toward 1.1184.

The EUR/USD pair displayed strong upward momentum yesterday, successfully reaching the 1.1000 level. Today, the pair continues with a positive tone, aiming to surpass this level and confirm the continuation of the prevailing bullish trend. The next significant target is set at 1.1075.

The bullish trend remains intact and well-defined within a bullish channel visible on the chart. The EMA50 provides additional support, further reinforcing the upward movement. Holding above 1.0940 is crucial to sustain the rise, and surpassing the target level would extend the bullish wave towards the 1.1184 area.

The expected trading range for today is between the support level at 1.0960 and the resistance level at 1.1105.

Overall, the outlook for today indicates a bullish trend in the EUR/USD pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.09968

Take Profit – 1.10912

Stop Loss – 1.09554

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$944/ -$414

Profit & Loss Per Micro Lot = +$94/ -$41