Daily Price Outlook

- SPX consolidates near 5521.53, with resistance at 5599.36 limiting further upside.

- A break below 5406.38 could trigger a correction toward 5313.07.

- Market focus remains on Fed policy signals and broader macroeconomic trends.

The S&P 500 (SPX) is trading at 5521.53, holding steady after a strong run, but facing resistance as traders assess macroeconomic conditions.

The index remains above the pivot point at 5510.29, suggesting underlying strength, yet the momentum appears to be losing steam near key resistance at 5599.36. A breakout above this level could fuel further gains toward 5685.55 and 5780.12, reinforcing the longer-term uptrend.

However, downside risks persist, particularly if SPX fails to hold above 5510.29. Immediate support sits at 5406.38, and a break below this level could expose the index to a deeper pullback toward 5313.07 and 5200.68.

The 50-day EMA at 5764.78 remains a critical long-term marker, currently indicating a stretched market that may be due for consolidation or correction.

Investor sentiment remains cautious ahead of key economic events, including the upcoming Federal Reserve minutes and macroeconomic data releases.

Traders are closely monitoring inflation signals and the Fed’s policy stance, which could dictate near-term direction. A hawkish tone from the central bank may trigger profit-taking, while dovish comments could reignite bullish momentum.

For now, the index remains in a consolidation phase, with a decisive move above 5599.36 needed to confirm a continuation of the rally. Conversely, a break below 5406.38 may signal a shift in sentiment, prompting a correction.

S&P 500 - Trade Ideas

Entry Price – Sell Below 5566

Take Profit – 5443

Stop Loss – 5667

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$1230/ -$1010

Profit & Loss Per Mini Lot = +$123/ -$101

Daily Price Outlook

- Gold struggles below $2,993.84 as resistance at $3,005.25 caps upside potential.

- Immediate support at $2,979.51, with downside risk extending to $2,963.65.

- FOMC rate cut expectations remain the key driver for gold’s long-term outlook.

Gold (XAU/USD) is trading at $2,985.31, slipping 0.01% as it hovers below the key pivot level of $2,993.84. The metal remains in a tight range as traders weigh Federal Reserve rate cut expectations against a strengthening U.S. dollar.

Gold’s inability to sustain momentum above $2,993 highlights investor caution, with resistance levels at $3,005.25 and $3,015.30 posing near-term hurdles.

On the downside, immediate support is seen at $2,979.51, with further selling pressure potentially driving gold toward $2,963.65 and $2,956.39.

The 50-day Exponential Moving Average (EMA) at $2,928.44 continues to provide dynamic support, reinforcing the longer-term uptrend. However, failure to hold above this level could expose gold to further declines.

Despite short-term weakness, gold’s broader trend remains bullish, driven by growing expectations of Federal Reserve policy easing.

Softer U.S. inflation data has fueled speculation of three rate cuts in 2024, with traders eyeing the upcoming FOMC meeting for further guidance. A dovish stance from policymakers could propel gold beyond the $3,000 psychological mark.

For now, a daily close above $2,993.84 is required to confirm bullish momentum, while a break below $2,979.51 may signal deeper consolidation.

Traders should watch for a decisive move in either direction to determine the next leg of gold’s price action.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2989

Take Profit – 2970

Stop Loss – 3002

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1900/ -$1300

Profit & Loss Per Mini Lot = +$190/ -$130

Daily Price Outlook

- AUD/USD remains bearish below $0.6309, with sellers eyeing support at $0.6268 and $0.6233.

- The 50-day EMA at $0.6298 is capping upside moves, reinforcing near-term bearish sentiment.

- A breakout above $0.6355 could shift momentum, potentially targeting $0.6383 and higher levels.

The Australian dollar is struggling to gain momentum, with AUD/USD trading at $0.6296, down marginally as traders assess shifting market sentiment. The pair remains under pressure below its pivot point at $0.6327, signaling potential downside risks in the near term. Despite attempts at recovery, the 50-day EMA at $0.6298 is acting as a dynamic resistance level, keeping a lid on bullish attempts.

If AUD/USD remains below $0.6327, sellers could push the pair toward immediate support at $0.6268, with a break lower exposing $0.6233 and $0.6198 as next downside targets. However, should buyers regain control, resistance stands at $0.6355, followed by $0.6383 and $0.6407, which will need to be cleared for a shift in momentum.

Macroeconomic factors, including expectations of Federal Reserve rate cuts and risk sentiment in global markets, will play a crucial role in the Aussie dollar’s direction. The Reserve Bank of Australia’s stance on monetary policy also remains in focus, with any hawkish signals potentially providing support to the currency.

For now, AUD/USD remains bearish below $0.6309, with sellers targeting key support levels. A sustained move below $0.6268 could accelerate losses, while a break above resistance at $0.6355 would indicate a potential reversal.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.63096

Take Profit – 0.62674

Stop Loss – 0.63383

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$422/ -$287

Profit & Loss Per Mini Lot = +$42/ -$28

Daily Price Outlook

- Gold remains bullish above $2,931, with resistance at $2,947 and $2,956 as the next upside targets.

- The 50-day EMA at $2,914 acts as strong support, reinforcing a short-term bullish bias.

- A drop below $2,921 could shift sentiment, leading to potential declines toward $2,909 and $2,897.

Gold (XAU/USD) is holding firm above $2,938.55, up 0.01%, as it consolidates within a tight range. The metal continues to benefit from expectations of Federal Reserve rate cuts and geopolitical uncertainties, supporting its bullish momentum.

The key pivot point at $2,931.19 serves as an important level—staying above this mark could fuel further gains, while a drop below may expose gold to increased selling pressure.

On the upside, immediate resistance sits at $2,947.09, followed by $2,956.47 and a stronger barrier at $2,965.37.

A breakout above these levels could trigger a move toward fresh highs, particularly if macroeconomic conditions continue to favor safe-haven assets.

Gold remains well-supported by its 50-day EMA at $2,914.06, reinforcing near-term bullish sentiment.

Conversely, should gold fail to hold above $2,931.19, immediate support is found at $2,921.65, followed by $2,909.24 and $2,897.64.

A break below these levels would indicate a shift in sentiment, increasing downside risk. The overall trend remains bullish as long as prices stay above $2,931, with traders eyeing key economic data for potential market-moving catalysts.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2931

Take Profit – 2947

Stop Loss – 2921

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1600/ -$1000

Profit & Loss Per Mini Lot = +$160/ -$100

Daily Price Outlook

- USD/JPY remains bearish below 147.925, with sellers eyeing 146.985 and 146.547 as key downside targets.

- The 50-day EMA at 147.667 is capping upside moves, reinforcing near-term bearish sentiment.

- A breakout above 148.390 could shift momentum, potentially targeting 149.124 and 149.600.

USD/JPY is holding steady at 147.609, up slightly as the market weighs broader risk sentiment and central bank expectations.

The pair remains under pressure below its pivot point at 148.390, signaling a potential downside move if sellers gain control. The 50-day EMA at 147.667 is acting as a dynamic resistance level, keeping further upside limited for now.

If USD/JPY breaks below immediate support at 147.285, the next downside targets are 146.547 and 145.969, where buyers may attempt to regain control.

However, a move back above 148.390 could shift momentum in favor of the bulls, with resistance at 149.124 and 149.600 standing as key hurdles before the psychologically significant 150.167 level.

For now, USD/JPY remains bearish below 147.925, with traders targeting key support levels. A sustained move below 147.285 could accelerate losses, while a break above 148.390 would indicate a potential shift in sentiment toward further upside.

USD/JPY - Trade Ideas

Entry Price – Sell Below 147.925

Take Profit – 146.985

Stop Loss – 148.663

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$940/ -$738

Profit & Loss Per Mini Lot = +$94/ -$73

Daily Price Outlook

- Gold faces resistance at $2,930.55, with selling pressure building below the $2,919 pivot point.

- Support at $2,902.12 is critical—a break lower could trigger a sharper decline toward $2,880.40.

- Sell strategy below $2,919 with take-profit at $2,902 and stop-loss at $2,930 aligns with current bearish momentum.

Gold (XAU/USD) is trading at $2,918.48, up 0.02%, as it hovers near its pivot point at $2,919.09. The metal remains in a tight range, with traders awaiting a decisive move amid shifting market sentiment.

The 50-day EMA at $2,908.68 suggests moderate downside pressure, with short-term selling opportunities emerging below the pivot.

On the upside, gold faces immediate resistance at $2,930.55, with additional barriers at $2,942.01 and $2,954.43. A break above these levels could trigger bullish momentum, targeting new highs. However, failure to surpass $2,930.55 may reinforce a bearish outlook.

Support lies at $2,902.12, with further downside levels at $2,891.50 and $2,880.40. A drop below $2,902.12 would confirm increased selling pressure, potentially accelerating losses toward lower support zones.

The pivot point at $2,919.09 serves as a key threshold—trading below it favors a bearish bias, while sustaining above it may shift momentum toward the bulls.

Given the technical setup, a sell position below $2,919 is favored, targeting $2,902 for a take-profit level, with a stop-loss placed at $2,930. Gold’s near-term movement will largely depend on U.S. inflation data and Federal Reserve signals, which could sway sentiment and drive volatility.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2919

Take Profit – 2902

Stop Loss – 2930

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1700/ -$1100

Profit & Loss Per Mini Lot = +$170/ -$110

Daily Price Outlook

- GBP/USD must hold above $1.29094 to sustain a bullish bias, with $1.29655 as the next major resistance level.

- The 50-day EMA at $1.29086 acts as key support—a break below could accelerate losses toward $1.28691 and lower.

- A buy setup above $1.29094 with take-profit at $1.29788 and stop-loss at $1.28740 aligns with the current trend structure.

The GBP/USD pair is trading at $1.29285, showing slight downward pressure but maintaining stability above the key pivot point at $1.29094. The 50-day EMA at $1.29086 reinforces this level, suggesting that staying above it could keep the pair in a bullish zone.

On the upside, immediate resistance is at $1.29655, followed by $1.30114 and $1.30606. A break above $1.29655 could spark further upside momentum, with traders eyeing the psychological $1.30 level as a potential inflection point. However, failing to surpass resistance may lead to continued range-bound movement.

Support levels lie at $1.28691, $1.28206, and $1.27756. A drop below $1.28691 could indicate renewed selling pressure, possibly pushing the pair toward $1.28206, where stronger demand could emerge. The 50-day EMA at $1.29086 is a key short-term threshold—if breached, it could shift sentiment to the downside.

A buy strategy above $1.29094 is preferred, targeting $1.29788 while maintaining a stop-loss at $1.28740 to mitigate risk.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.29094

Take Profit – 1.29788

Stop Loss – 1.28740

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$694/ -$354

Profit & Loss Per Mini Lot = +$69/ -$35

Daily Price Outlook

- EUR/USD must stay above $1.08848 to maintain a bullish bias, with resistance at $1.09488 acting as the next key barrier.

- The 50-day EMA at $1.08492 is a critical support level—a break below could shift momentum toward $1.07700.

- A buy strategy above $1.08848 with take-profit at $1.09542 and stop-loss at $1.08449 aligns with the current bullish sentiment.

The EUR/USD pair is trading at $1.09041, maintaining a neutral stance as investors await fresh economic catalysts.

The pivot point at $1.08848 serves as a crucial threshold, with the pair needing to hold above this level to sustain bullish momentum.

The 50-day EMA at $1.08492 provides further support, reinforcing the short-term upward trend.

On the upside, immediate resistance sits at $1.09488, followed by $1.10045 and $1.10602. A breakout above $1.09488 could push the pair toward the psychological $1.10 level, which, if breached, may lead to further gains. However, failure to clear this resistance zone may keep the pair in consolidation mode.

Support levels are $1.08374, $1.07700, and $1.07151. A move below $1.08374 would signal increased selling pressure, potentially triggering a deeper pullback toward the $1.07700 handle.

The 50-day EMA at $1.08492 is a key technical floor—if breached, it could accelerate downside momentum.

Given the current setup, a buy position above $1.08848 is favored, targeting $1.09542 for profit, while maintaining a stop-loss at $1.08449 to protect against downside risks.

The short-term outlook hinges on upcoming economic data, particularly U.S. inflation figures and European Central Bank signals, which could drive volatility.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.08848

Take Profit – 1.09542

Stop Loss – 1.08449

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$694/ -$399

Profit & Loss Per Mini Lot = +$69/ -$39

Daily Price Outlook

- AUD/USD remains bearish below $0.62829, with key resistance at $0.63087 and $0.63287.

- Support at $0.62465 is critical; a break below could push the pair toward $0.62201 and $0.61875.

- Traders favor selling below $0.62826, targeting $0.62468, with a stop loss at $0.63092.

The AUD/USD pair is trading at $0.62633, slipping 0.05% as the market struggles to find bullish momentum. The pair remains under pressure, trading below the pivot point of $0.62829, signaling a bearish bias in the short term.

The 50-day EMA at $0.63087 serves as immediate resistance, reinforcing downward pressure on the Australian dollar. A break above this level could push the pair toward $0.63287, with further resistance at $0.63650 and $0.64051.

On the downside, immediate support stands at $0.62465. A decisive break below this level could expose the pair to $0.62201, with deeper losses potentially extending to $0.61875. The overall structure remains weak, with sellers controlling price action as risk sentiment continues to weigh on the currency.

For traders, the technical setup suggests a sell position below $0.62826, targeting $0.62468, with a stop loss at $0.63092.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.62826

Take Profit – 0.62468

Stop Loss – 0.63092

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$358/ -$266

Profit & Loss Per Mini Lot = +$35/ -$26

Daily Price Outlook

- Gold faces resistance at $2,909.07, with a breakout targeting $2,915.39 and $2,930.55.

- Support at $2,880.20 is critical; a break below could expose $2,858.99 and $2,838.41.

- Bearish bias remains below $2,900, with traders eyeing sell positions under $2,899 targeting $2,880.

Gold (XAU/USD) is trading at $2,895.25, hovering just below the $2,900 pivot point, signaling indecision in the market. Despite a minor decline, gold remains within a narrow range as traders await key catalysts.

The 50-day EMA at $2,909.07 acts as immediate resistance, aligning closely with short-term price action. A sustained break above this level could push gold toward $2,915.39, with further upside targets at $2,930.55 and $2,954.43.

On the downside, immediate support lies at $2,880.20, and a breach of this level could accelerate selling pressure, exposing gold to $2,858.99 and potentially $2,838.41. The broader trend remains bearish below $2,900, with a firm rejection of resistance reinforcing downside risk.

For traders, the technical setup favors selling below $2,899, targeting $2,880, with a stop loss at $2,913. Short-term sentiment hinges on macroeconomic developments, particularly inflation data and Federal Reserve rate expectations, which could dictate the next move.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2899

Take Profit – 2880

Stop Loss – 2913

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$1900/ -$1400

Profit & Loss Per Mini Lot = +$190/ -$140