Gold price forecast update 05-04-2024
Gold Price Analysis
Expected Scenario
- Gold price resumes its positive trading after the decline in previous sessions.
- Approaching the 2300.00$ barrier, waiting for more rise to surpass this level.
- Opening the way to head towards 2330.00$ as a next main target.
Expected Outcome
The EMA50 keeps supporting the suggested bullish wave.
Holding above 2265.00$ is important to achieve the waited targets.
Expected Trading Range
Between 2275.00$ support and 2315.00$ resistance.
Trend Forecast: Bullish
The GBPUSD forecast update 05-04-2024
GBPUSD Price Analysis
Expected Scenario
- The GBPUSD price fluctuates around the EMA50, forming good intraday support.
- Waiting to resume positive trades to test the 1.2700$ level as the first positive station.
- Breaching 1.2700$ represents the key to rally towards 1.2800$ as the next target.
Expected Outcome
We will continue to suggest the bullish trend for the upcoming period unless breaking 1.2625$ followed by 1.2580$ levels and holding below them.
Expected Trading Range
Between 1.2570$ support and 1.2730$ resistance.
Trend Forecast: Bullish
The EURUSD price forecast update - 05-04-2024
Expected Scenarios
Scenario 1: Bearish Trend
- The EURUSD price hovers around the 1.0840$ level, waiting for negative motive.
- Expectation of resuming the bearish trend with stability below 1.0860$.
- Main awaited target is at 1.0765$.
Scenario 2: Bullish Wave
- Breaching 1.0860$ will stop the bearish trend and push the price to build a bullish wave.
- Next target: 1.0960$.
Expected trading range for today: Between support at 1.0750$ and resistance at 1.0900$.
Trend forecast: Bearish
The EURGBP provides positive signal – Forecast today – 5-4-2024
EURGBP Pair Analysis
Expected Scenario
- The EURGBP pair surrendered to positive pressures caused by a stochastic rally towards the 80 level.
- It surpassed the negative track resistance at 0.8562 and achieved gains by reaching the MA55 at 0.8585.
Expected Outcome
Continuous positive closings above the breached resistance and gathering additional positive momentum indicate a strong bullish rally in the near and medium-term period.
The target is set at the 0.8630 level initially, with potential for further upward movement towards 0.8655 as the next main station.
Expected Trading Range
Between 0.8570 support and 0.8655 resistance.
Trend Forecast: Bullish