Daily Price Outlook

The price of gold remains on a declining course, approaching the pivotal support mark set at $1,923. This threshold mirrors the broken neckline of the clear double bottom pattern illustrated on the chart, acting as a barrier to further price drops.

The lingering effects of the recently culminated double top pattern are palpable, enhancing the prospects of the gold price declining past the noted support, steering towards our chief target at $1,913.15. As a result, our forecast is inclined towards a bearish trend in the near term. Importantly, if there's a breach of the $1,929 level, it might trigger a price reversal, ushering in a brief recovery with potential intraday upswings aiming for $1,945.20.

For today's trading, we anticipate a range bordered by the $1,913 support and $1,940 resistance, maintaining a bearish stance.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Below 1932

Take Profit – 1915

Stop Loss – 1943

Risk to Reward – 1: 1.5

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

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

Daily Price Outlook

The gold price faced resistance at the $1,945.20 threshold, subsequently pivoting to a bearish trajectory and descending past the $1,938.50 marker. This sets the stage for anticipated downward dynamics in ensuing sessions. This movement is underscored by the manifestation of a double top formation, indicating bearish objectives, initially targeting the $1,929.00 mark. A breach here could set sights on a primary target at $1,913.15.

Given this context, a bearish inclination is projected for today. However, it's crucial to note that a successful move beyond $1,945.20 could reinvigorate the bullish trend, steering the precious metal toward $1,960.00 as a subsequent focal point. The anticipated trading band for today spans a support level of $1,920.00 and a resistance at $1,945.00.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Stop 1933

Take Profit – 1920

Stop Loss – 1945

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1300/ -$1200

Profit & Loss Per Micro Lot = +$130/ -$120

Daily Price Outlook

The AUD/USD pair has commenced today's trading session on a distinctly bearish note, evidenced by its breach of the intraday bullish channel's support. This development is suggestive of a bearish flag pattern, which is anticipated to exert downward pressure on the pair in forthcoming sessions. Initial objectives center on the 0.6400 mark, with a breach of this level potentially accelerating the pair's descent toward the 0.6300 milestone.

In light of these dynamics, a bearish outlook is projected for today, further substantiated by the pair's position below the EMA50. It's imperative to note, however, that any inability to penetrate the 0.6400 barrier could interrupt this bearish narrative, prompting a price recovery.

Today's anticipated trading spectrum is demarcated by a support level at 0.6360 and resistance at 0.6445.

AUD/USD - Trade Idea

Entry Price – Sell Below 0.64015

Take Profit – 0.63639

Stop Loss – 0.64223

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$376/ -$208

Profit & Loss Per Micro Lot = +$37/ -$20

Daily Price Outlook

The USD/JPY pair has opened today's trading session on an upbeat note, successfully surpassing the 146.55 mark and making endeavors to consolidate above this level. This movement suggests a potential cessation of the recent bearish correction, with the pair positioning to realign with its prevailing bullish trajectory. The anticipated upward targets are set initially at 147.55, progressing to 148.40 as a subsequent focal point.

The EMA50 underpins the pair, bolstering the bullish perspective. This optimistic outlook will persist unless there's a decline below the 146.55 level, further intensified by a drop beneath the 145.95 threshold. For the day, the trading range is projected between a support at 146.10 and resistance at 147.60.

USD/JPY - Trade Idea

Entry Price – Buy Above 146.626

Take Profit – 147.950

Stop Loss – 145.835

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$132/ -$79

Profit & Loss Per Micro Lot = +$13/ -$7

Daily Price Outlook

Having reached a temporary trough near the $1,935 mark, gold has exhibited a marked uptick in recent trading, making a notable push towards the $1,945.20 threshold. This upward trajectory suggests a revival of the primary bullish momentum, a sentiment further buoyed by the recently observed double bottom pattern. This paves the way for potential ascents, with initial targets set at $1,960, potentially extending to $1,977.25.

Given these dynamics, the prevailing sentiment leans towards a bullish disposition for the day's trading. This stance finds reinforcement in the EMA50's underpinning of the price trajectory. However, it's imperative to note that any inability to sustain levels above $1,945.20 could stall the bullish momentum, leading to potential intraday retracements. For the day, the anticipated trading span is delineated by a support level at $1,935 and resistance at $1,965.

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Limit 1943

Take Profit – 1957

Stop Loss – 1933

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1400/ -$1000

Profit & Loss Per Micro Lot = +$140/ -$100 

Daily Price Outlook

The EUR/USD pair experienced a significant drop last Friday, reaching and surpassing our anticipated target of 1.0785. Notably, the daily candlestick closed below this level, suggesting a potential continuation of the downward trajectory in the subsequent sessions. This could pave the way for the pair to approach the next bearish target of 1.0700.

Given these developments, our short-term and intraday forecasts maintain a bearish outlook, bolstered by the downward momentum indicated by the EMA50. It's crucial to highlight that if the price breaches the 1.0785 mark and stabilizes above it, we might see an onset of recovery efforts, with an initial target set at the 1.0785 region.

Today's projected trading range lies between the support level of 1.0700 and the resistance level of 1.0845.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.07733

Take Profit – 1.08248

Stop Loss – 1.07446

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$515/ -$287

Profit & Loss Per Micro Lot = +$51/ -$28

Daily Price Outlook

The GBP/USD pair has distinctly extended its downward movement, decisively surpassing our initial target of 1.2625 and settling beneath it. This move solidifies the dominance of the bearish trend both in intraday and short-term scenarios, following the evident bearish channel depicted on the chart. Our subsequent target is set at 1.2505. The projected trading boundaries for today are a support at 1.2500 and a resistance at 1.2660.

The EMA50 consistently reinforces the anticipated bearish momentum. This prediction stands as long as the pair doesn't breach the 1.2625 level and sustain above it.

Consequently, our analysis remains bearish for both the intraday and short-term, driven by the downward force exerted by the EMA50. A breach and a subsequent stabilization above 1.2625 could initiate potential recovery endeavors, with an initial aim at the 1.2625 zone.

GBP/USD - Trade Idea

Entry Price – Buy Above 1.25926

Take Profit – 1.26571

Stop Loss – 1.25543

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$645/ -$383

Profit & Loss Per Micro Lot = +$64/ -$38

Daily Price Outlook

The USD/JPY pair has successfully breached the 145.75 mark and maintained its stance beneath this level, bolstering the anticipated bearish inclination on an intraday scale. The trajectory suggests a potential movement towards our primary target set at 144.55.

Current dynamics, underscored by the negative pressure exerted by the EMA50, fortify the likelihood of reaching the projected target. However, it's pivotal to underscore that for the bearish momentum to persist, the pair needs to remain anchored below the 146.55 benchmark.

Today's trading spectrum is delineated between a support threshold at 144.60 and resistance positioned at 146.00, with the prevailing sentiment skewed towards the bearish side.

USD/JPY - Trade Idea

Entry Price – Sell Below 145.706

Take Profit – 144.968

Stop Loss – 146.273

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$738/ -$567

Profit & Loss Per Micro Lot = +$73/ -$56

Daily Price Outlook

The gold price failed to surpass the $1,945.20 mark, leading to a downward trajectory with an anticipated initial target at $1,929.00. A breach of this threshold could further drive the price down to $1,913.15.

Given these dynamics, the outlook for upcoming sessions leans bearish. A dip below $1,937.00 could expedite the journey to the projected targets. However, it's essential to note that should the gold price break above $1,945.20, a recovery could ensue, potentially propelling prices towards the $1,960.00 mark. Today's anticipated trading range for gold is set between a support level of $1,925.00 and a resistance level of $1,950.00.

The prevailing trend forecast for the day is bearish.

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Limit 1936

Take Profit – 1948

Stop Loss – 1930

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1200/ -$600

Profit & Loss Per Micro Lot = +$120/ -$60

Daily Price Outlook

The EUR/USD pair decisively breached the 1.0880 threshold, closing below it yesterday, signaling a return to its prevailing bearish trajectory visible on the chart. In forthcoming sessions, the pair appears poised to further descend, potentially testing the 1.0785 marker. A break beneath this level could set the stage for a deeper decline, targeting 1.0700.

Today's outlook is predominantly bearish, further reinforced by the downward pressure exerted by the EMA50. However, it's pertinent to highlight that any move above 1.0880 could neutralize this bearish outlook, potentially paving the way for recovery efforts. The trading range for today is anticipated to span from a support at 1.0750 to a resistance at 1.0900.

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Limit 1.08349

Take Profit – 1.08773

Stop Loss – 1.07954

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$424/ -$395

Profit & Loss Per Micro Lot = +$42/ -$39