Daily Price Outlook

- Bullish bias remains intact above $3,007, with $3,019.58 acting as key resistance.

- A break above $3,019 could push gold toward $3,028.31 and $3,036.90 in the short term.

- Support at $2,996.48 remains crucial—falling below it could trigger a retracement toward $2,986.84 and $2,976.53.

Gold (XAU/USD) is trading at $3,013.33, maintaining a steady uptrend after a slight 0.01% gain in early trading. The metal is consolidating above its pivot point at $3,007.95, reinforcing a bullish bias as long as this level holds. The 50-day EMA at $2,971.31 continues to act as a strong support zone, preventing deeper pullbacks.

On the upside, immediate resistance at $3,019.58 remains a key hurdle for buyers. A break above this level could trigger further gains, with the next resistance at $3,028.31, followed by $3,036.90. If bullish momentum strengthens, a push toward the $3,050 zone is possible in the near term.

Conversely, support at $2,996.48 serves as the first safety net for gold. A drop below this level may expose $2,986.84, with deeper support resting at $2,976.53. A failure to hold these levels could shift sentiment toward a bearish correction.

Gold's price action suggests that traders are awaiting stronger catalysts, such as economic data or central bank policy signals, to drive momentum. For now, the upward trend remains intact, and a break above $3,019 could fuel further buying interest. However, a drop below $2,996 may invite selling pressure.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 3007

Take Profit – 3025

Stop Loss – 2996

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1800/ -$1100

Profit & Loss Per Mini Lot = +$180/ -$110

Daily Price Outlook

- Bearish below $1.29434, with downside targets at $1.28932 and $1.28611.

- 50-day EMA at $1.29411 acting as resistance; failure to break higher could signal further downside.

- Entry Price: Sell Below $1.29432 | Target: $1.29022 | Stop Loss: $1.29696.

GBP/USD is trading at $1.29363, slightly lower by 0.02%, as it struggles to hold above the $1.29434 pivot point. The pair remains under pressure, hovering just below the 50-day EMA at $1.29411, indicating a potential bearish continuation if resistance levels fail to hold.

A breakdown below $1.29434 could accelerate selling momentum, exposing immediate support at $1.28932, with further downside potential toward $1.28611 and $1.28202.

On the upside, a recovery above $1.29830 could shift sentiment, with buyers targeting $1.30150 and $1.30457. However, the prevailing market sentiment favors a weaker pound amid ongoing economic uncertainty.

The pair remains influenced by Federal Reserve rate expectations and Bank of England (BoE) policy outlook. With traders anticipating a 75% chance of a Fed rate cut by June, according to CME’s FedWatch Tool, the U.S. dollar remains relatively firm.

Meanwhile, UK inflation data due later this week could provide further directional cues for GBP/USD. A weaker-than-expected inflation print may reinforce expectations of a BoE rate cut, weighing further on the pound.

Traders should closely monitor price action around the $1.29434 pivot level. A sustained move below this mark could trigger further declines, while a rebound above $1.29830 may shift momentum toward the upside.

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.29432

Take Profit – 1.29022

Stop Loss – 1.29696

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$410/ -$264

Profit & Loss Per Mini Lot = +$41/ -$26

Daily Price Outlook

- Bearish bias remains below $1.08844, targeting $1.08297 and $1.07966 as next support levels.

- 50-day EMA at $1.08839 is a critical resistance—failure to reclaim it could drive further declines.

- Entry Price: Sell Below $1.08847 | Target: $1.08286 | Stop Loss: $1.09145.

EUR/USD is trading at $1.08763, holding steady but slightly pressured below the $1.08844 pivot point. The pair is consolidating in a narrow range as traders await key economic cues, with immediate resistance at $1.09314 and support at $1.08297.

The 50-day EMA at $1.08839 is acting as a dynamic barrier, reinforcing a potential bearish outlook if price action fails to reclaim higher levels.

A break below $1.08844 could confirm downside pressure, with sellers eyeing the next support zones at $1.08297 and $1.07966.

A sharper decline could expose $1.07650, a level that aligns with previous demand zones. On the upside, if EUR/USD rebounds and breaks above $1.09314, bullish momentum could extend toward $1.09710 and $1.10065.

Traders should monitor $1.08844 closely. A sustained move below this level would reinforce selling momentum, while a recovery above $1.09314 could shift sentiment toward further gains.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.08847

Take Profit – 1.08286

Stop Loss – 1.09145

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$561/ -$298

Profit & Loss Per Mini Lot = +$56/ -$29

Daily Price Outlook

- Bullish bias remains intact above $2,982.42, with $3,005.25 as the key breakout zone.

- 50-day EMA at $2,951.89 supports the uptrend, limiting downside risks.

- Entry Price: Buy Above $2,982 | Target: $3,005 | Stop Loss: $2,969..

Gold (XAU/USD) is consolidating near $2,985.56, showing modest gains of 0.03%, as investors weigh market catalysts.

The metal remains within a tight trading range, with key resistance at $3,005.25 and immediate support at $2,966.81.

The 50-day EMA at $2,951.89 is reinforcing a bullish structure, suggesting buyers remain in control, but momentum is slowing ahead of critical economic events.

A breakout above $3,005.25 could push gold toward the next resistance levels at $3,019.99 and $3,032.43, potentially triggering another bullish leg higher.

Conversely, a failure to hold above the $2,982.42 pivot could lead to a decline toward $2,966.81, with further downside potential at $2,954.61 and $2,939.24 if selling pressure intensifies.

Technical indicators reflect a bullish bias, with gold holding above its 50-day EMA ($2,951.89), signaling underlying strength.

However, price action remains in consolidation mode, awaiting fresh triggers from upcoming Federal Reserve rate decisions and economic data.

The weaker U.S. dollar and persistent geopolitical risks continue to support gold, but short-term profit-taking could cause temporary pullbacks.

For now, traders are watching the $2,982.42 pivot level as the key inflection point. A sustained break higher would reinforce bullish momentum, while a move below could accelerate selling pressure.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2982

Take Profit – 3005

Stop Loss – 2969

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$2300/ -$1300

Profit & Loss Per Mini Lot = +$230/ -$130

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

- EUR/USD remains below $1.08740, reinforcing a bearish outlook.

- Immediate support at $1.08094; a breakdown could target $1.07650.

- Dollar strength and ECB policy stance remain key drivers of market direction.

EUR/USD is trading at $1.08339, down 0.03%, as the pair continues to face pressure amid a strengthening U.S. dollar. The euro remains on a downward trajectory, struggling to break past the pivot level at $1.08740.

A failure to reclaim this level suggests that sellers remain in control, with immediate resistance seen at $1.09314, followed by $1.09856 and $1.10365.

On the downside, the $1.08094 support level is a key area to watch. A sustained break below this threshold could accelerate losses toward $1.07650 and $1.07213, reinforcing a broader bearish trend.

The 50-day EMA at $1.08735 is acting as dynamic resistance, further limiting upside potential. A failure to close above this moving average could keep bearish sentiment intact.

For now, a break below $1.08094 could confirm a bearish continuation, with further downside likely.

Conversely, a close above $1.08740 would signal potential stabilization, opening the door for a recovery toward $1.09314.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.08737

Take Profit – 1.07958

Stop Loss – 1.09200

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$779/ -$463

Profit & Loss Per Mini Lot = +$77/ -$46

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

- 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