Gold price powerfully broke the $1,992.20 level and closed the recent four-hour candlestick below it, reinforcing the ongoing bearish trend's efficiency for the upcoming period, paving the way toward our next target at $1,957.30.

Consequently, we await further decline on an intraday basis, backed by the negative pressure created by the EMA50. It's important to note that staying below $1,992.20 is the primary condition for the continuation of the proposed bearish wave.

The projected trading range for today lies between $1,960.00 support and $1,990.00 resistance.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $1980

Stop Loss – $1990

Take Profit – $1960

Risk to Reward – 1 : 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot = +$200/ -$100

The EUR/USD currency pair currently exhibits a selling stance after encountering significant resistance near the 1.098 mark. This resistance level, reinforced by a double-top formation, poses a considerable barrier for the euro today.

On the downside, immediate support for the EUR/USD pair lies around the 1.0930 mark, with a significant decline potentially driving the pair further down to 1.0910 or 1.0880 levels. However, if the EUR/USD surpasses 1.0950, it may aim for resistance levels at 1.0980 or 1.1000.

EUR/USD Trade Idea

Entry Price – Sell Below 1.0952

Stop Loss – 1.09830

Take Profit – 1.08831 

Risk to Reward – 1 : 1.6

Profit & Loss Per Standard Lot = +$689/ -$310

Profit & Loss Per Micro Lot = +$68/ -$31

Lately, the GBP/USD pair has shown a negative trend, aiming for the 1.2370 level while trying to surpass it, which indicates a possible progression towards more bearish correctional goals. If a confirmed breakthrough occurs, the price is expected to reach 1.2262 as the following downward target.

Consequently, a bearish perspective is proposed for today, reinforced by the descending pressure applied by the 50-day EMA. Nevertheless, if the required breakthrough does not materialize and the 1.2430 level is surpassed, the predicted decline will be stopped, prompting the price to revert to the main bullish trend.

The anticipated trading range for today is between the 1.2350 support and the 1.2550 resistance levels.

(GBP/USD) Trade Idea

Entry Price – Buy Above 1.2425

Stop Loss – 1.23512

Take Profit – 1.25475

Risk to Reward – 1 : 1.6

Profit & Loss Per Standard Lot = +$1,220/ -$730

Profit & Loss Per Micro Lot = +$122/ -$73

On Tuesday, the precious metal gold oscillated around the $1,992 level, attempting to break through it. This suggests a bearish trend for the upcoming period, with the next correctional target set at $1,957.

The exponential moving average (EMA50) exerts negative pressure on the price, supporting the continuation of the corrective bearish scenario.

However, it is essential to note that breaching the $2,010 level would halt the anticipated decline and lead the price to regain its primary bullish trend.

The expected trading range for today lies between the $1,975 support level and the $2,010 resistance level.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2000

Stop Loss – $1992

Take Profit – $2015

Risk to Reward – 1 : 1.88

Profit & Loss Per Standard Lot = +$1,500/ -$800

Profit & Loss Per Micro Lot = +$150/ -$80

The EUR/USD currency pair trades with a neutral bias after facing strong resistance around the 1.098 level. Extended by a double-top pattern, the resistance level is a solid resistance for the euro today.

On the lower side, the EUR/USD pair has immediate support around the 1.0952 level, and a substantial sell-off could push the pair further down toward the 1.0930 or 1.0910 levels. However, if the EUR/USD breaks above 1.0985, it can target resistance levels of 1.1000 or 1.1018.

EUR/USD Trade Idea

Entry Price – Sell Below 

Stop Loss – 1.10068

Take Profit – 1.09537

Risk to Reward – 1 : 1.1

Profit & Loss Per Standard Lot = +$280/ -$250

Profit & Loss Per Micro Lot = +$28/ -$25