Daily Price Outlook

Daily Price Outlook

      The USD/JPY pair has successfully breached the 147.86 mark and established a daily close above it, enhancing the prospects for sustained bullish momentum in forthcoming sessions. We anticipate a continued upward trajectory, targeting the 149.00 level as our subsequent milestone.

      Gold's value is experiencing a downward trend as it aims to revisit the previously surpassed neckline of the inverted head and shoulders pattern evident on the chart. This movement is further underscored by the stochastic nearing the oversold domain, suggesting a potential positive shift. Such an alignment could drive the anticipated bullish trajectory in the near future, primarily aiming for the $1,945.20 mark. For intraday forecasts, we retain a bullish perspective, bolstered by the price's position above the EMA50.

      The bullish outlook is further corroborated by the EMA50, which underpins the price, coupled with the favorable convergence signal currently exhibited by the stochastic indicator. It is imperative to maintain a position above the 147.50 level to realize the projected targets.

      However, it's crucial to note that a decline below $1,929.00 might disrupt this bullish outlook, reintroducing bearish pressures. The projected trading spectrum for today spans from a support at $1,920.00 to a resistance at $1,950.00

      For today's trading dynamics, we forecast a range defined by a support at 147.60 and a resistance at 149.10, with the prevailing sentiment tilting bullish.

      GOLD Price Chart – Source: Tradingview
      GOLD Price Chart – Source: Tradingview
      USD/JPY Price Chart – Source: Tradingview
      USD/JPY Price Chart – Source: Tradingview

      GOLD (XAU/USD) - Trade Idea 

      Entry Price – Buy Limit 1930

      Take Profit – 1945

      Stop Loss – 1920

      Risk to Reward – 1: 1.5

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

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



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