Daily Price Outlook

The EUR/USD pair has successfully breached the 1.0955 mark, sealing the daily candlestick beneath it, thus strengthening the anticipation of an extended bearish trajectory in the intraday context, with a subsequent objective set at 1.0880.

The persistent influence of the double top formation is anticipated to exert additional downward pressure, potentially leading the pair to exceed the previously mentioned target, setting its sights on 1.0785 as the subsequent bearish milestone.

Given the adverse momentum steered by the EMA50, a continued bearish sentiment is forecasted in ensuing sessions. It's pivotal to note that for this bearish momentum to persist, the pair should remain below 1.1030.

Today's trading spectrum is delineated with a support at 1.0840 and resistance positioned at 1.1000.

A bullish sentiment will prevail above 1.09249, whereas a stance below this figure leans towards bearishness.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09228

Take Profit – 1.09679

Stop Loss – 1.08965

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$451/ -$263

Profit & Loss Per Micro Lot = +$45/ -$26

Daily Price Outlook

Gold opened with a bearish trend today, falling below the $1,913.15 mark, which was further emphasized by the candlestick's closure over the last four hours beneath this threshold. This confirms the anticipated bearish momentum in both short-term and intraday contexts, setting sights on further declines potentially reaching $1,892.00 and further down to $1,873.50.

This downward trajectory remains robust, underscored by the negative influence of the EMA50. However, it's essential to note that if the gold price doesn't maintain its position below $1,913.15, we might witness recovery efforts targeting the $1,929.00 level before any renewed downturn. Today's projected trading spectrum ranges from a support level of $1,890.00 to a resistance at $1,925.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1915

Take Profit – 1905

Stop Loss – 1922

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1000/ -$700

Profit & Loss Per Micro Lot = +$100/ -$70

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

Daily Price Outlook

The global market sentiment failed to stop its downward trend and remains pessimistic amid growing concerns over China's mounting debt issues and escalating global political tensions. As the new week begins, risk appetite continues to dwindle, exacerbated by weekend reports from China highlighting further economic challenges.

In the meantime, the geopolitical worries about Russia are also contributing to the negative mood. This is evident in the S&P500 Futures' decline and US 10-year Treasury bond yields nearing a yearly high of 4.18%.

Market Sentiment Sours Amid China's Debt Woes and Geopolitical Tensions

The global market sentiment turned negative as China's Country Garden has stopped trading its bonds, and some Chinese companies are complaining about not getting paid by a subsidiary of Zhongzhi Enterprise Group. This has triggered record-low bond prices and trading halts for Country Garden. Furthermore, tensions from the US-China trade war and Russia's actions in the Black Sea are also adding to market uncertainty.

US Data and Fed Views Create Mixed Sentiment in Forex Markets

Apart from this, the global market sentiment was also influenced by US data. July's Consumer Price Index (CPI) had a minor effect on September's expectations for the Federal Reserve's actions. Nonetheless, other indicators suggesting a potential interest rate increase bolstered optimism for the US Dollar. The US Producer Price Index (PPI), coupled with the August Consumer Sentiment Index (CSI) and inflation expectations, offered additional backing for the strength of the USD.

Meanwhile, Fed Governor Michelle Bowman supported more rate hikes, while others like Mary Daly, Patrick Harker, and John Williams suggested rate cuts in 2024 but emphasized data dependence, leaving policy doves seeking more details for confirmation. Therefore, this news had a mixed impact on the market sentiment as the lack of change in the Consumer Price Index (CPI) for September Fed policy lessened expectations, but other positive price measures boosted USD.

Upcoming Data Releases and FOMC Minutes Awaited for Market Direction

Looking forward, investors are keeping their eyes on China's upcoming Industrial Production and Retail Sales data for July, set to release on Tuesday. These figures will offer important initial cues, especially ahead of Wednesday's housing data. Besides, the market focus remains on Tuesday's US Retail Sales for July and Wednesday's release of the latest Federal Open Market Committee (FOMC) meeting Minutes, providing insights for market sentiment.

S&P500 (SPX) - Technical analysis

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.

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

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

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

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

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

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.