Gold Price Analysis

Gold price returns to rise after approaching the key support at 2222.86$. It needs to surpass the key resistance at 2260.00$ to reinforce the expectations of continuing the bullish trend within the bullish channel that appears on the chart. This supports the chances of targeting 2300.00$ as a next positive station.

We will continue to suggest the bullish trend for the upcoming period. However, breaking 2222.86$ followed by 2202.00$ levels will stop the bullish wave and push the price to start a bearish correction on the intraday basis.

Trading Range Forecast

The expected trading range for today is between 2235.00$ support and 2270.00$ resistance.

Trend forecast: Bullish

Market Analysis for USDCAD Price

• The USDCAD price bounced upwards after approaching the 1.3505$ level, entering a sideways track represented by the support and 1.3606$ resistance.
• The sideways movement is suggested on the intraday basis until the price manages to surpass one of these levels.
• Breaking the support will lead to a new bearish correction, targeting 1.3440$, while breaching the resistance is crucial to resume the main bullish trend and achieve gains starting at 1.3700$.

The expected trading range for today is between 1.3500$ support and 1.3640$ resistance.

Trend forecast: Sideways

Market Analysis for USDJPY Price

• The recent trades of USDJPY price are confined within an ascending triangle pattern, evident on the chart.
• The price needs to breach 151.81 to activate the positive effect of this pattern, targeting the next main level at 153.00.
• The bullish trend scenario remains valid, with a note that breaking 151.25 will halt the expected rise and trigger a bearish correction on the intraday basis.

The expected trading range for today is between 151.00 support and 152.50 resistance.

Trend forecast: Bullish

Market Analysis for GBPUSD Price

• The GBPUSD price ended yesterday below the 1.2580$ level, indicating completion of forming a head and shoulders pattern with negative targets.
• The Exponential Moving Average (EMA) 50 continues to exert downward pressure on the price, supporting the expected decline. However, breaching 1.2580$ will invalidate the negative pattern mentioned.

The expected trading range for today is between 1.2460$ support and 1.2600$ resistance.

Trend forecast: Bearish