Daily Price Outlook

Gold price displayed a notable upswing in the preceding session, edging closer to our anticipated target at $1,977.25. Subsequently, a mild retracement occurred, testing the EMA50, influenced by a negative stochastic momentum.

Nevertheless, we maintain a positive outlook and expect a resumption of bullish trades to retest the aforementioned level. Vigilance is essential as the price approaches $1,977.25, as surpassing this level is pivotal in achieving further gains, with the subsequent target set at $2,000.00.

Conversely, a breach of the support at $1,945.20 would halt the envisioned upward movement, redirecting the price towards a corrective bearish trajectory, with potential objectives at $1,929.00 and $1,913.15.

In today's trading, the projected trading range is positioned between the support at $1,945.00 and the resistance at $1,977.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1965

Take Profit – 1955

Stop Loss – 1975

Risk to Reward – 1: 1

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

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

Daily Price Outlook

The USD/JPY currency pair has prolonged its upward rally and remains strong above the 143.00 level. The pair has experienced a robust rally for three days in a row, reaching a three-week high. However, the Japanese Yen has been weighed down by the Bank of Japan's (BoJ) dovish outlook, as Governor Kazuo Ueda emphasizes the need for continued monetary support and potential further easing.

Besides this, an unscheduled bond-buying operation by the Japanese central bank added to the JPY's weakness. These factors, combined with a risk-on sentiment in the markets, are providing support for the USD/JPY currency pair.

Positive Market Sentiment and Fed Rate Hike Expectations Boost USD/JPY

Investors are feeling very positive about China's potential stimulus measures, which are outweighing concerns about weaker data and contributing to the rise in global equity markets. Moreover, the US Dollar is gaining strength, pushing the USD/JPY pair higher. The USD Index is currently at its highest level since July 10, driven by expectations of further policy tightening by the Federal Reserve (Fed). The recent upbeat US GDP report and comments from Fed Chair Jerome Powell have increased expectations of a rate hike. Higher US Treasury bond yields are also providing support to the USD.

US Economic Data and Risk Sentiment Influence USD/JPY

Investors are keeping a close eye on the upcoming ISM Manufacturing PMI and JOLTS Job Openings data in the US. These indicators could impact the USD price and, along with global risk sentiment, further boost the USD/JPY pair. The fundamental outlook suggests that the pair is likely to continue moving higher, with ongoing support for the USD and downward pressure on the JPY. As the week unfolds, investors will closely monitor economic developments and statements from central banks that could influence the direction of the USD/JPY pair.

USD/JPY - Technical Analysis

The USD/JPY pair exhibits a stronger bullish bias as it approaches our initial target at 143.05. A detailed analysis of the chart reveals the completion of a double bottom pattern, indicating positive targets beyond the mentioned level, with potential objectives at 144.00, followed by 145.05.

Consequently, we maintain our outlook for a bullish trend in the upcoming period, anticipating favorable momentum to drive the price towards the expected targets. It is essential to emphasize that sustaining above 141.40 is crucial to ensure the continuity of the bullish wave.

For today's trading, we anticipate the price to trade within the range of 142.00 support and 143.50 resistance.

Daily Price Outlook

The USD/JPY pair exhibits a stronger bullish bias as it approaches our initial target at 143.05. A detailed analysis of the chart reveals the completion of a double bottom pattern, indicating positive targets beyond the mentioned level, with potential objectives at 144.00, followed by 145.05.

Consequently, we maintain our outlook for a bullish trend in the upcoming period, anticipating favorable momentum to drive the price towards the expected targets. It is essential to emphasize that sustaining above 141.40 is crucial to ensure the continuity of the bullish wave.

For today's trading, we anticipate the price to trade within the range of 142.00 support and 143.50 resistance.

USD/JPY - Trade Idea

Entry Price – Buy Above 142.269

Take Profit – 143.803

Stop Loss – 141.424

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1534/ -$845

Profit & Loss Per Micro Lot = +$153/ -$84

Daily Price Outlook

The AUD/USD pair faced a brief dip below the 0.6665 level but has since shown signs of recovery, prompting a positive start to the day and signaling a potential bullish bias in the upcoming sessions. The pair is expected to aim for the 0.6780 level in the short term.

The bullish trend is supported by the positive stance of the stochastic indicator. However, it is crucial to monitor the 0.6665 level, as a break below it and sustained trading below this point could halt the anticipated rise and lead to further losses.

For today's trading, the projected range is expected to be between the support level at 0.6630 and the resistance level at 0.6750.

Overall, the outlook suggests a bullish trend for today's session, but cautious observation of key levels is essential in navigating potential market movements.

 AUD/USD - Trade Idea

Entry Price – Buy Limit 0.66563

Take Profit – 0.67218

Stop Loss – 0.66145

Risk to Reward – 1: 1.57

Profit & Loss Per Standard Lot = +$655/ -$418

Profit & Loss Per Micro Lot = +$65/ -$41

Daily Price Outlook

The gold price saw an upward bounce from the 1945.20 level in recent sessions, testing the resistance at the EMA50, which is currently at $1960.00. A potential break above this level could pave the way for a move towards the next main target at $1977.25.

Hence, a bullish trend is expected on an intraday basis, contingent upon the price remaining stable above $1945.20. However, a break below this level would introduce negative factors, potentially leading to further declines towards $1929.00 and subsequently $1913.15.

The projected trading range for today lies between the support level of $1945.00 and the resistance level of $1977.00.

 GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1960

Take Profit – 1945

Stop Loss – 1970

Risk to Reward – 1: 1.5

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

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

Daily Price Outlook

The EUR/USD pair has approached a significant resistance level at 1.1055 and is now experiencing a gradual decline, moving closer to the main bullish channel's support line. Notably, the price remains below the neckline of a double top pattern, which is visible on the chart.

Additionally, the EMA50 is exerting downward pressure on the price, and the stochastic indicator is currently showing negative overlap.

Considering these factors, it is prudent to adopt a bearish bias for the upcoming sessions. The initial targets for the bearish scenario involve breaking below the bullish channel's support line, potentially leading to further declines towards 1.0935 and 1.0835 levels upon surpassing the previous level of support.

However, a breach of the key resistance level at 1.1055 would invalidate the bearish scenario and signal a potential resumption of the main bullish trend, with potential targets around the 1.1170 areas initially.

For today's trading, the projected range is expected to lie between the support level at 1.0920 and the resistance level at 1.1070.

 EUR/USD - Trade Idea

Entry Price – Sell Limit 1.10653

Take Profit – 1.09503

Stop Loss – 1.11643

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1150/ -$990

Profit & Loss Per Micro Lot = +$115/ -$99

Daily Price Outlook

On the technical front, the S&P 500 index has exhibited a significant bearish candle on the three-day timeframe, commonly referred to as a "bearish engulfing" candlestick pattern. This candle has fully engulfed all the previous trading activity on July 24th, indicating a strong bearish sentiment among investors as the S&P 500 index closed in the red.

Furthermore, the index has broken below another important trend line that was providing support around the 4555 level. The closing of candles below this trend line suggests a high likelihood of a continued downtrend for the S&P 500 index.

On the downside, there is potential support around the 4530 level, and a substantial breach of this level could lead the SPX price to its next support level at 4500. Further continuation of the downtrend could bring the S&P 500 index down to the 4490 level.

Conversely, if the S&P 500 manages to hold above the 4530 level, it may find the potential to reach the next resistance level at 4560, and further strength could lead to resistance around 4580. Careful monitoring of these support and resistance levels will be crucial for traders as they navigate the current market conditions.

 S&P500 (SPX) - Trade Idea

Entry Price – Buy Limit 4528.02

Take Profit – 4558.84

Stop Loss – 4509.98

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$308/ -$180

Profit & Loss Per Micro Lot = +$30/ -$18

Daily Price Outlook

During yesterday's evening, the GBPUSD pair displayed significant bearish movement, breaking below the support line of the previously established bullish channel. Upon closer analysis of the chart, it becomes evident that the price has formed a double top pattern, signaling a potential decline in the upcoming trading sessions.

This bearish correction aligns with the longer-term perspective, considering the bullish wave measured from 1.2308 to 1.3142.

As such, we anticipate witnessing negative trades in the near future, with the next target set at 1.2725. However, it is essential to keep in mind that a breach of the 1.2825 level will halt the expected decline and pave the way for the price to resume the main bullish trend.

For today's trading range, we expect support at 1.2710 and resistance at 1.2880. Traders are advised to closely monitor price movements as the pair navigates this bearish correction phase.

 GBP/USD - Trade Idea

Entry Price – Buy Limit 1.27631

Take Profit – 1.28569

Stop Loss – 1.27165

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$938/ -$466

Profit & Loss Per Micro Lot = +$93/ -$46

Daily Price Outlook

The price of gold has consolidated above the level of $1945.20, indicating potential signs of a bullish rebound. The stochastic positivity observed on the four-hour timeframe suggests a bullish bias in the upcoming sessions, with the price potentially aiming to test the level of $1977.25.

As long as the price remains above $1955.00, the overall positive scenario remains valid, reinforcing the positive outlook. However, if the price breaks below $1945.20, the suggested bullish trend may come to a halt, leading to a potential decline in the price.

For today's trading, the expected range is between support at $1940.00 and resistance at $1975.00. The expected trend for today is bullish.

 GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Limit 1945

Take Profit – 1965

Stop Loss – 1935

Risk to Reward – 1: 2

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

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

Daily Price Outlook

The gold price continues its upward momentum, approaching the critical level of $1977.25 and attempting to break through it. A successful breach of this level would indicate a potential end to the recent bearish correction and signal a return to the main bullish trend. Subsequently, the price may target gains starting at $2000.00 and potentially extending to $2016.90.

Given the current market dynamics, a bullish bias is suggested for today, supported by the EMA50 providing underlying support. However, it is crucial to closely monitor the price's consolidation above $1977.25, as a failure to do so might impede the expected rise and lead to a potential decline.

The anticipated trading range for today is expected to be between the support level of $1965.00 and the resistance level of $1995.00.

Overall, the trend outlook for today is deemed bullish, considering the prevailing price action and technical indicators. Traders and investors should exercise diligence in evaluating market conditions and consider these factors while making trading decisions.

Gold (XAU/USD) Trade ideas

Entry Price – Buy Above 1970

Take Profit – 1995

Stop Loss – 1960

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$2500/ -$1000

Profit & Loss Per Micro Lot = +$250/ -$100