GOLD Price Analysis – April 12, 2023
Daily Price Outlook
Gold is steadily rising and currently hovering around the $2010.00 level. The goal is to reach higher positive targets, with the next station being $2040.00. The EMA50 supports the bullish wave within the bullish channel on the chart. If the price breaches the $2010.00 level, it will become easier to achieve further gains on both intraday and short-term bases.
However, if the price drops below $1990.00, the positive scenario will end, and a correctional bearish wave will start.
The projected trading range for today falls between the $1990.00 support and $2025.00 resistance.
Gold (XAU/USD) Trade Idea
Entry Price – Sell Below $2012
Stop Loss – $2018
Take Profit – $2001
Risk to Reward – 1 : 1.80
Profit & Loss Per Standard Lot = +$1,100./ -$600
Profit & Loss Per Micro Lot = +$110/ -$60
Related:
* EUR/GBP Price Analysis – April 12 2023
USD/CHF Price Analysis – April 12, 2023
Daily Price Outlook
The USD/CHF pair experienced a noticeable decline after testing the EMA50 in previous sessions, approaching our initial target of 0.9000. We anticipate the bearish trend to continue, surpassing this level and paving the way towards 0.8920 as the next primary target.
The EMA50 exerts ongoing negative pressure, bolstering the predicted bearish trend, which will persist as long as the price remains below 0.9100.
Today's expected trading range lies between 0.8950 support and 0.9100 resistance.
USD/CHF Trade Idea
Entry Price – Sell Below 0.9033
Stop Loss – 0.9062
Take Profit – 0.8980
Risk to Reward – 1 : 1.80
Profit & Loss Per Standard Lot = +$587/ -$321
Profit & Loss Per Micro Lot = +$58/ -$32
Related:
* EUR/GBP Price Analysis – April 12 2023
GBP/USD Price Analysis – April 11 2023
Daily Price Outlook
Yesterday's trading activity in the GBP/USD pair resulted in a fall, with the price falling below the bullish channel's support line. This signaled the beginning of a retracement of the upward trend that had begun around 1.1800; the next objective is 1.2250.
The bearish trading trend is likely to persist today, and if the price drops below 1.2355, achieving the forecasted drop will be much simpler. The bearish correction will end, and the primary bullish trend will resume if the price rises above 1.2440.
On Tuesday, GBP/USD's expected trading range is between 1.2300 support and 1.2460 resistance levels.
GBPUSD Trade Idea
Entry Price – Buy Above 1.2400
Stop Loss – 1.2340
Take Profit – 1.2490
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$900/ -$600
Profit & Loss Per Micro Lot = +$900/ -$60
Related:
* AUD/USD Price Analysis – April 11, 2023
GOLD Price Analysis – April 11, 2023
Daily Price Outlook
On Tuesday, the decline in gold prices stopped at the bullish channel's support line, as the price has now begun to show positive movement in an attempt to move away from the mentioned support and continue the primary bullish trend. The next key targets are $2,010.00 and $2,040.00.
Technical indicators provide positive signals that support the anticipated bullish trend. But it's important to keep in mind that if the price falls below $1,985.00, it will start a bearish correction on an intraday basis before going back up.
Today's expected trading range is between $1,980.00 support and $2,010.00 resistance.
Gold (XAU/USD) Trade Idea
Entry Price – Buy Stop $1,994
Stop Loss – $1,980
Take Profit – $2,015
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$2,100/ -$1,400
Profit & Loss Per Micro Lot = +$210/ -$140
Related:
* AUD/USD Price Analysis – April 11, 2023
AUD/USD Price Analysis – April 11, 2023
Daily Price Outlook
The AUDUSD pair has decisively broken the 0.6665 level and settled below it, suggesting potential negative pressure in the upcoming sessions. However, the price has started today with noticeable positivity, testing the mentioned level due to the positive momentum from the stochastic indicator, indicating an attempt to resume the bullish trend.
As a result, it is preferable to remain on the sidelines until the price confirms its position concerning the 0.6665 level. It is important to note that maintaining below this level will primarily put pressure on the price to decline towards 0.6550, while surpassing it will be the key to initiating a new bullish wave with initial targets at 0.6780.
Today's expected trading range is between 0.6600 support and 0.6720 resistance.
AUD/USD Trade Idea
Entry Price – Sell Below 0.6675
Stop Loss – 0.6710
Take Profit – 0.6619
Risk to Reward – 1 : 1.60
Profit & Loss Per Standard Lot = +$550/ -$340
Profit & Loss Per Micro Lot = +$55/ -$34
Related:
* GOLD Price Analysis – April 11, 2023
GBP/JPY Price Analysis – April 10 2023
Daily Price Outlook
On Monday, the GBP/JPY pair traded with a slightly bearish bias under 164.700, which has been extended by a triple top pattern. This pattern is causing difficulty for the GBP/JPY pair and keeping it bearish under this level.
Additionally, the formation of a Doji and Shooting Star candles under the 164.700 mark is adding downward pressure.
Meanwhile, the RSI and MACD indicators are in an overbought zone, giving investors another reason to short the currency pair and take profits. Please see the trade idea below.
GBP/JPY Trade Idea
Entry Price – Sell Below 164.750
Stop Loss – 165.50
Take Profit – 163.850
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = +$266/ -$250
Profit & Loss Per Micro Lot = +$26/ -$25
Related:
* GOLD Price Analysis – April 10, 2023
EUR/USD Price Analysis – April 10, 2023
Daily Price Outlook
The EUR/USD pair began today's trading session with a clear negative trend, breaking the intraday bullish trend line and moving towards the expected decline on an intraday basis.
The initial target is to test 1.08830, and monitoring the price when it reaches this level is essential. Breaking this level would extend the bearish wave to reach 1.8480 areas as the next main station.
Therefore, a bearish bias is suggested today, especially since the price is now below the 50-day exponential moving average. At the same time, the RSI and MACD are also in the sell zone.
However, if the pair breaches 1.09070, it will stop the negative scenario and lead to a resumption of the main bullish wave. The expected trading range for today is between support at 1.0730 and resistance at 1.0875.
EUR/USD Trade Idea
Entry Price – Sell Stop 1.0880
Stop Loss – 1.0920
Take Profit – 1.0819
Risk to Reward – 1: 1.25
Profit & Loss Per Standard Lot = +$610/ -$400
Profit & Loss Per Micro Lot = +$61/ -$40
Related:
* GOLD Price Analysis – April 10, 2023
GOLD Price Analysis – April 10, 2023
Daily Price Outlook
The gold price finished last Friday below the $2,010.00 level and opened today with a bearish gap, reaching the $1,990.00 level. However, the price has since covered this gap, indicating an attempt to resume its primary bullish trend, which is moving within the upward channel displayed on the chart.
As a result, we believe there is a strong possibility of positive trading activity in the upcoming sessions. To enhance the likelihood of progressing toward the $2,040.00 level as the next optimistic target, the price needs to surpass the $2,010.00 level.
It is important to note that a bearish bounce and a break below the $1,980.00 level could force the price off its bullish course, initiating a short-term bearish correction.
Today's anticipated trading range is between the $1,990.00 support level and the $2,020.00 resistance level.
Gold (XAU/USD) Trade Idea
Entry Price – Sell Limit $1999
Stop Loss – $2005
Take Profit – $1990
Take Profit 2 - $1984
Risk to Reward – 1: 1.50 (With first TP)
Profit & Loss Per Standard Lot = +$375/ -$250 (With first TP)
Profit & Loss Per Micro Lot = +$37.5/ -$25 (With first TP)
Related:
* EUR/USD Price Analysis – April 10, 2023
S&P500 (SPX) Price Analysis – April 07, 2023
Daily Price Outlook
The S&P 500 (SPX) is trading at 4,105.02, up by 0.36% in 24 hours. The S&P 500 increased after reducing losses, dismissing economic worries amid additional signs that the labor market is cooling ahead of the crucial monthly employment data expected on Friday.
Investors awaiting upcoming jobs data
According to economic figures coming out of the US that indicate slowing economic development, the services sector expanded at a more moderate rate in March as demand cooled, while US job openings fell to their lowest level in almost two years in February.
Additionally, initial applications for unemployment benefits decreased by 18,000 from 246,000 in the week ended April 1, surpassing experts' projections of 200,000 claims, fueling concerns that the labor market is cooling.
After this data, the US Dollar Index (DXY), currently trading at 101.95, is up 0.13%, holding onto its daily recovery gains. The US dollar increased slightly but is still close to two-month lows as a slowing economy suggests a pause in the US Federal Reserve's cycle of rate hikes.
Alphabet shares rose on Thursday as investors, concerned about a weakening economy, turned their attention to upcoming jobs data. It helped major US stock indexes conclude the day higher.
Investor attention is now on the more comprehensive data on non-farm payrolls, anticipated to have grown by 239,000 in March, down from the 311,000 jobs gained in the previous month. The report is due later in the day, which is Good Friday in the US, and the stock market is closed.
Stock News
A US court rejected the theater operator's appeal to withdraw a status quo order required for its proposal to convert preferred shares into common shares, sending AMC Entertainment (AMC) Holdings Inc. up 21%.
Investors expressed worries about a probable economic slump as Caterpillar (CAT), seen as the gauge for the industrial sector, dropped more than 2%, increasing its loss over the last three days to 9%.
In terms of earnings, Levi Strauss & Co. (LEVI) revealed fourth-quarter figures that beat Wall Street forecasts. However, the apparel company repeated its guidance among concerns over the outlook for the economy. Following the garment maker's announcement of a decline in quarterly earnings, the stocks fell 16%.
Daily Technical Levels:
S&P500 Intraday Technical Levels
Support Resistance
4075 4103
4060 4115
4048 4130
Pivot Point: 4088
S&P500 – Technical Outlook
The S&P 500 is currently experiencing strong positive momentum above 4,100, and has solid support at 4,030. However, there is a significant obstacle at 4,175 due to a double-top pattern which may cause resistance.
If the index manages to break past this level, it could move toward the next resistance at 4,170. Conversely, if the SPX falls below 4,040, there could be considerable selling pressure, leading to a decline towards the 3,920 and 3,840 levels.
Technical indicators, specifically MACD and RSI, both suggest a strong bullish trend. Investors are expected to focus on the 4,040 level, and if the candle closes above it, there is a good chance that the SPX will trend upwards today.
Related:
* EUR/USD Price Analysis – April 07, 2023
GOLD Price Analysis – April 07, 2023
Daily Price Outlook
In European trading, gold prices dropped for the first time in four days, moving away from 13-month highs due to profit-taking and investor reluctance to establish new positions ahead of the US payrolls data release.
The US payrolls report, set to be released tomorrow, will reveal the number of new jobs added to the economy, as well as updates on unemployment and wage statistics.
Gold prices slipped by 0.6% to $2,008 an ounce, after a 0.1% increase yesterday, reaching a 13-month peak at $2,032. This week, gold prices have risen by over 0.2% in response to the unexpected OPEC+ production cut and weak US data.
Recent US figures indicated that fewer jobs were added in the private sector than anticipated in March, while the services sector also experienced a slowdown during the same month.
US job opportunities in February plummeted to a two-year low, while manufacturing fell to a three-year low, signaling a possible recession in Q1.
US Interest Rates
Following the data release, the probability of no policy changes at the Federal Reserve's May meeting is at 60%, while the likelihood of a 0.25% rate hike has dropped to 40%.
Investors now anticipate a rate cut by the Federal Reserve in September, with a final interest rate of 4.25% in December.
The Jobs Data
Investors are now awaiting the critical US payrolls data on Friday to assess the economy's health and determine the Federal Reserve's next steps.
Fed Comments
Cleveland Fed President Loretta Mester stated that it is still too early to determine whether the Fed will increase interest rates in May. Gold holdings at the SPDR Gold Trust saw a 0.87-ton increase yesterday, reaching a total of 930.91 tons, the highest level since October 2022.
Gold (XAU/USD) – Technical Outlook
Gold prices approached our anticipated target of $2,040 and experienced a bearish bounce, testing the support level formed above $2,010 while maintaining stability above it. Notably, the stochastic oscillator is shedding its negative momentum, and the 50-day Exponential Moving Average (EMA50) continues to offer positive support to the price.
Consequently, we expect positive trading today as the primary bullish trend resumes within the upward channel depicted on the chart. It is important to note that our targets start at $2,040 and extend to $2,065. However, a break below $2,010 could pressure the price to test the bullish channel's support line around $1,975 before any new attempts to rise.
Related:
* EUR/USD Price Analysis – April 07, 2023