The GBPUSD price breaks the support - Forecast today - 24-05-2024
Price Analysis for GBPUSD
Expected Scenario
- The GBPUSD price faced clear negative pressure yesterday, as it broke 1.2700$ and settled below it, to head towards potential turn to decline, on its way to test 1.2630$ followed by 1.2580$ levels as next main stations.
- Holding below 1.2700$ represents major condition to the continuation of the suggested bearish trend, as breaching it will lead the price to recover again and target 1.2800$ areas initially.
Expected Trading Range
Between 1.2610$ support and 1.2750$ resistance.
Trend Forecast: Bearish
The EURUSD price approaches the first target – Forecast today - 24-05-2024
Price Analysis for EURUSD
Expected Scenario
- The EURUSD price keeps declining to reach the thresholds of the first waited target at 1.0795$, and we believe that the way is open to break this level and open the way to head towards 1.0714$ as a next negative station, as the price is affected by the previously completed double top pattern, which supports the chances of continuing the decline in the upcoming sessions.
- Therefore, the bearish trend will remain dominant on the intraday basis, reminding you that breaching 1.0876$ will stop the expected decline and lead the price to regain the bullish trend within the bullish channel again.
Expected Trading Range
Between 1.0730$ support and 1.0870$ resistance.
Trend Forecast: Bearish
End of day crude oil price forecast update - 23-05-2024
Crude oil price resumes its negative trading strongly after the rise that it witnessed in the previous sessions, to break 77.64$ level and trade below it again, which supports the continuation of the expected bearish trend for the upcoming period, which its next target located at 75.24$, while achieving it requires holding below 77.64$.
End of day gold price forecast update - 23-05-2024
Gold price succeeded to touch our waited target at 2340.00$ and presses negatively on it, to hint heading to achieve more bearish correction and pave the way to target 2272.06$ on the near-term basis, taking into consideration that the consolidation of 2340.00$ level against the current negative pressure will lead the price to start recovery attempts and build bullish wave that its targets begin at 2390.00$ followed by 2430.00$.