Gold price hits the target – Forecast today – 22-01-2025 – Economies.com

Gold price rallied upwards clearly yesterday to surpass our waited target at 2742.00$, noticing that the price begins today with more rise to attempt to breach the bullish channel’s resistance line, which supports our expectations of continuing the bullish trend on the intraday and short-term basis, noting that the next target reaches the recently recorded historical high at 2790.00$.

Therefore, we expect to witness more bullish bias in the upcoming sessions, noting that breaking 2740.00$ will stop the bullish wave and push the price to decline and test the bullish channel’s support line around 2700.00$ before any new attempt to rise.

The expected trading range for today is between 2735.00$ support and 2770.00$ resistance.

Trend forecast: Bullish

The USDCAD price exits the bullish channel – Forecast today – 22-01-2025

The USDCAD price faced new negative pressure yesterday to break the bullish channel’s support line and settle below it, to activate the negative scenario on the intraday basis and head towards achieving bearish correction that its first target located at 1.4220$.

Therefore, the bearish bias will be expected for today, taking into consideration that breaching 1.4385$ will stop the bearish wave and lead the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 1.4260$ support and 1.4390$ resistance

Trend forecast: Bearish

The USDJPY price faces solid support – Forecast today – 22-01-2025

The USDJPY price shows some bullish bias after finding solid support at 154.96, waiting to get negative motive that push the price to resume the bearish correction and break the mentioned level to head towards 153.75 as a next main target.

The EMA50 forms continuous negative pressure that supports the continuation of the suggested bearish trend, noting that breaching 156.45 will stop the bearish wave and lead the price to resume the main bullish trend within the main bullish channel that appears on the chart.

The expected trading range for today is between 155.00 support and 156.50 resistance

Trend forecast: Bearish

The GBPUSD price breaches the resistance – Forecast today – 22-01-2025

The GBPUSD price managed to breach 1.2300$ level and close the daily candlestick above it, to support the expectations of continuing the bullish trend in the upcoming sessions, opening the way to visit the main bearish channel’s resistance line around 1.2460$ as a next main target.

Moving above the EMA50 supports the continuation of the expected rise, noting that breaking 1.2300$ will stop the bullish wave and put the price under the negative pressure again.

The expected trading range for today is between 1.2270$ support and 1.2415$ resistance

Trend forecast: Bullish