Gold Price Analysis

Gold price faces negative pressure now, approaching testing the key support base of 2260.00$. As we mentioned this morning, the price needs to hold above this level to keep the bullish trend valid for today, as breaking it will put the price under additional negative pressure to suffer intraday losses that reach 2205.70$.

• Stochastic negativity interprets the reasons for the current negative pressure, waiting to gather positive momentum that assists in pushing the price to resume the bullish wave, with its next targets located at 2300.00$ followed by 2320.00$.

The expected trading range for today is between 2270.00$ support and 2305.00$ resistance.

Trend forecast: Bullish

GBPUSD Price Analysis

The GBPUSD price hovers around the 1.2580$ level and attempts to consolidate below it, to keep our bearish overview for today, supported by the negative pressure formed by the EMA50, waiting to visit 1.2480$ as the next main target.

• On the other hand, we should note that breaching 1.2580$ and holding above it will stop the expected decline and push the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 1.2480$ support and 1.2640$ resistance.

Trend forecast: Bearish

EURUSD Price Analysis

The EURUSD price shows weak trades since morning, and continues to move around the 1.0765$ level. It needs to trade below this level to revive the expected bearish trend scenario for the upcoming period, with its next target located at 1.0645$.

• The technical indicators provide negative signals that support the expected bearish trend. However, settling above 1.0765$ will lead the price to build an intraday bullish wave, with its first target located at 1.0860$.

The expected trading range for today is between 1.0680$ support and 1.0840$ resistance.

Trend forecast: Bearish

Expected Scenarios:

1. The EURJPY pair lost negative momentum yesterday.
2. Stochastic rally towards overbought areas forced a postponement of the negative attack.
3. Positive rebound formed towards 163.35 as seen on the chart.
4. Main stability below 164.30 resistance and continuous additional barrier at 163.72 suggest waiting to gather negative momentum again.
5. Renewal of previously suggested negative attack expected.
6. Initial targets located near 162.65 and 162.15 levels.

Expected Trading Range:

• The expected trading range for today is between 163.60 and 162.65.

Trend forecast: Bearish