Gold price forecast update 02-04-2024
Gold Price Forecast
Gold price resumes its positive trading to start the attempts to breach 2260.00$, which supports the continuation of the expected bullish trend for the upcoming period, which its next main target located at 2300.00$.
- The EMA50 keeps supporting the suggested bullish wave, taking into consideration that failing to surpass the current areas will push the price to rebound bearishly and head to test the key support areas 2222.86$ and might extend to 2202.00$ before any new attempt to rise.
The expected trading range for today is between 2235.00$ support and 2270.00$ resistance.
Trend Forecast
Bullish
The GBPUSD forecast update 02-04-2024
GBPUSD Price Forecast
The GBPUSD price shows some bullish bias to test the key resistance 1.2580$, and as we mentioned this morning, the price needs to hold below this level to keep the bearish trend scenario active, affected by the head and shoulders’ pattern that appears on the chart, reminding you that our targets begin at 1.2480$ and extend to 1.2385$.
- On the other hand, we should note that breaching 1.2580$ will stop the expected decline and push the price to build bullish wave on the intraday basis.
The expected trading range for today is between 1.2460$ support and 1.2600$ resistance.
Trend Forecast
Bearish
The EURUSD price forecast update - 02-04-2024
EURUSD Price Forecast
The EURUSD price didn’t show any strong move since morning, to remain stable around 1.0740$ level, thus, no change to the expected bearish trend scenario for today, which its next target located at 1.0645$.
- We remind you that the continuation of the bearish wave depends on the price stability below 1.0765$, as breaching it represents the key to start recovery attempts and achieve gains that reach 1.0860$ initially.
The expected trading range for today is between 1.0650$ support and 1.0800$ resistance.
Trend Forecast
Bearish
The GBPCAD continues to decline – Forecast today – 2-4-2024
Analysis of GBPCAD Pair Movement
- The GBPCAD pair continued to form strong negative waves, affected by the stability of 1.7122 resistance, confirming its surrender to the domination of the bearish bias by declining below the MA55 and fluctuating near 1.7030.
- Note that stochastic reach to the oversold areas will increase the negative pressures on the current trades, allowing us to keep the negative overview that might target new negative stations soon, starting from 1.6985 followed by 1.6935.
Expected Trading Range for Today
- The expected trading range for today is between 1.7050 and 1.6985
Trend forecast: Bearish