Analytic reviews

The Australian dollar fell during the Asian session to witness its bounce for the second session from the top since March 9, when it tested the highest for it since February 20 against the US dollar after the developments and economic data that it had reported on the Australian economy and on the cusp of developments and economic data expected on Thursday By the US economy, which includes the talk of members of the Federal Open Market Committee.

At exactly 02:13 AM GMT, the Australian dollar pair declined against the US dollar by 0.58% to 0.6559 levels compared to the opening levels at 0.6597, after the pair achieved its lowest level during the trading session at 0.6555, while achieving the highest at 0.6600.

We have followed the disclosure of the initial reading of the Markit Industrial and Services PMI for Australia for the month of May, and the initial reading of the Manufacturing PMI showed that the contraction widened to 42.8 compared to 44.1 last April, while the initial reading of the Services PMI showed The contraction shrank to 25.5 from 19.5 in April.

This comes, hours after the Reserve Bank of Australia revealed last Tuesday the minutes of its last meeting, which was held on the fifth of this month, during which monetary policy makers at the Australian Central Bank decided to fix short-term reference interest rates for the second consecutive meeting at the lowest ever at 0.25. %, Which came in line with expectations at the time.

The minutes at the time stated that the Australian central bank will not increase interest until the economy shows progress towards full employment and sustainable inflation within the target range between 2 ~ 3% and that the speed and timing of the economic recovery are uncertain and that it is ready to increase its purchases of bonds, and investors are now looking to share the bank’s governor Australia Reserve Philip Lowe at a panel discussion at the Institute of Financial Services Australia in Sydney.

On the other hand, investors are currently awaiting by the US economy the release of the aid claims index for the last week on May 15, which may reflect a decline of 581 thousand applications to 2,400 thousand applications compared to 2,981 thousand requests in the previous reading, while the reading of subsidy applications may appear Continuing for the last week on the eighth of this month, increasing by 1,932 thousand requests to 24,765 thousand requests compared to 22,833 thousand requests.

This comes in conjunction with the disclosure by the largest industrialized country in the world of industrial sector data, with the release of the Philadelphia Industrial Index reading, which may reflect the contraction to 40.0 compared to 56.6 in April, and before we witness the disclosure of the initial reading of the Markit industrial PMI For the United States, which may reflect the contraction shrinkage to 39.3 compared to 36.1 in April.

It also revealed the initial reading of the Services PMI that may reflect the contraction in value to 32.6 compared to 26.7 in April, before the release of the leading indicators, which may explain the decline in the decline to 5.5% compared to 6.7% last March, in conjunction with The release of the Existing Home Sales Index, which may explain the widening decline to 18.9% to 4.31 million homes compared to 8.5% at 5.27 million homes in April.

All the way to FBI members ’satellite talk, New York Fed President John Williams at the Greater Rochter Chamber of Commerce and Federal Reserve Governor Richard Clarida’s views of the US economic outlook and monetary policy at the New York Business Economics Association, before we witness the introduction of the Fed’s governor Jerome Powell introductory notes about Coronavirus at a federal event

Technical analysis

The Australian dollar versus the US dollar pair has returned to rise after the lateral fluctuation in the previous sessions, to resume the main bullish path that is being organized within the bullish channel, and the path is open to achieving our next expected target at 0.6685.

Therefore, we will continue to favor the bullish direction over the intraday and short term, keeping in mind that stability above 0.6555 is a prerequisite for the expected continuation of the uptrend.

The expected trading range for today is between 0.6530 support and 0.6685 resistance.

Expected trend for today: bullish.

The single currency fluctuated the euro in a narrow range slanting back down during the Asian session to witness its bounce for the second session from its top since the beginning of this month when it tested its highest since early April last against the US dollar amid the day of the rise in Germany and France on Thursday and at the doorstep Economic developments and data expected by the US economy, which includes the speech of members of the Federal Open Market Committee.

At exactly 04:40 am GMT, the euro pair fell against the US dollar by 0.15% to 1.0963 levels, compared to the opening levels at 1.0980 after the pair achieved its lowest level during the trading session at 1.0957, while achieving the highest at 1.0983.

The markets are currently awaiting for the French economy, the second-largest economy in the eurozone, and the German economy, the largest in the euro area, in addition to the economies of the region as a whole. The first reading of the Markit index for industrial and service purchasing managers for the current month, which may reflect the shrinking contraction of the service and industrial sector in France and Germany in addition to The economies of the region as a whole.

On the other hand, investors are currently awaiting by the US economy the reading of the aid requests index for the past week on May 15, which may reflect a decline of 581 thousand applications to 2,400 thousand applications compared to 2,981 thousand requests in the previous reading, while the reading of continuous subsidy applications may appear Last week, on the eighth of this month, an increase of 1,932 thousand requests to 24,765 thousand requests compared to 22,833 thousand requests.

This comes in conjunction with the disclosure by the largest industrialized country in the world of industrial sector data, with the release of the Philadelphia Industrial Index reading, which may reflect the contraction to 40.0 compared to 56.6 in April, and before we witness the disclosure of the initial reading of the Markit industrial PMI For the United States, which may reflect the contraction shrinkage to 39.3 compared to 36.1 in April.

It also revealed the initial reading of the Services PMI that may reflect the contraction in value to 32.6 compared to 26.7 in April, before the release of the leading indicators, which may explain the decline in the decline to 5.5% compared to 6.7% last March, in conjunction with The release of the Existing Home Sales Index, which may explain the widening decline to 18.9% to 4.31 million homes compared to 8.5% at 5.27 million homes in April.

All the way to FBI members ’satellite talk, New York Fed President John Williams at the Greater Rochter Chamber of Commerce and Federal Reserve Governor Richard Clarida’s view of the US economic outlook and monetary policy at the New York Business Economics Association, before we witness the introduction of the Fed’s governor Jerome Powell introductory remarks about the Coronavirus at a federalist's listening event.

This comes hours after the Federal Reserve revealed on Wednesday the minutes of the Federal Open Market Committee meeting held on April 28-29, in which it decided to stabilize interest on federal funds at zero levels between zero and 0.25%, which came Consistent with expectations at the time, amid stressing the way forward in using all tools to support the American economy in these difficult times.

Technical analysis

The euro against the dollar pair pierce the breach of the 1.0966 level after the daily candle closed above it, which leads the price to resume the bullish wave that started from the 1.0775 areas, on its way to visit the 1.1067 level, which represents the next main station.

Thus, a bullish bias will be favored for today, supported by moving above SMA 50, taking into consideration that breaking 1.0966 and trading below it again will put the price under negative pressure to head towards 1.0840 initially.

The expected trading range for today is between 1.0900 support and 1.1070 resistance.

Expected trend for today: bullish.

Gold prices fluctuated in a narrow range slanting toward decline, to witness its bounce for the second session in four sessions from its highest since April 14, when it tested the highest for it since October 5, 2012 amid a rise in the dollar index, indicating its bounce for the second session from the lowest since May 4th, when the lowest was experienced since March 30 according to the inverse relationship between them on the threshold of developments and economic data expected today Thursday by the US economy, which includes the speech of members of the Federal Open Market Committee.

At exactly 03:54 AM GMT, gold price futures for June delivery decreased 0.46% to trade at $ 1,751.70 per ounce compared to the opening at $ 1,743.60 per ounce, knowing that the contracts started the session’s trading on a falling price gap after yesterday's trading was concluded At $ 1,752.10 an ounce, with the US dollar index rising 0.18% to 99.37 compared to the opening at 99.18.

Investors are currently awaiting by the US economy the release of the aid claims index for the last week on May 15, which may reflect a decline of 581 thousand applications to 2,400 thousand applications compared to 2,981 thousand requests in the previous reading, while the reading of continuing benefit applications may appear for the past week On the eighth of this month, an increase of 1,932 thousand requests to 24,765 thousand requests compared to 22,833 thousand requests.

This comes in conjunction with the disclosure by the largest industrialized country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect the contraction contraction to 40.0 compared to 56.6 last April, and before we witness the disclosure of the initial reading of the manufacturing PMI Markit is for the United States, which may reflect a contraction of shrinkage to 39.3 compared to 36.1 in April.

It also revealed the initial reading of the Services PMI that may reflect the contraction in value to 32.6 compared to 26.7 in April, before the release of the leading indicators, which may explain the decline in the decline to 5.5% compared to 6.7% last March, in conjunction with The release of the Existing Home Sales Index, which may explain the widening decline to 18.9% to 4.31 million homes compared to 8.5% at 5.27 million homes in April.

All the way to FBI members ’satellite talk, New York Fed President John Williams at the Greater Rochter Chamber of Commerce and Federal Reserve Governor Richard Clarida’s view of the US economic outlook and monetary policy at the New York Business Economics Association, before we witness the introduction of the Fed’s governor Jerome Powell introductory remarks about the Coronavirus at a federalist's listening event.

This comes hours after the Federal Reserve disclosed the minutes of the Federal Open Market Committee meeting held on April 28-29, in which it decided to fix interest on federal funds at zero levels between zero and 0.25%, which came in line with Expectations at that time, amid stressing the way forward in using all tools to support the American economy in these difficult times.

Technical analysis

Gold provided positive trading yesterday to settle around 1745.00, reinforcing expectations for the continuation of the main bullish trend, which is being organized within the bullish channel that appears on the above chart, while SMA 50 continues to support the price from below.

Thus, we believe that the field is open to continue rising during the upcoming sessions, which mainly targets the areas of 1805.00, noting that breaking 1726.00 and holding below it will put the price under downward corrective pressure before returning to resume the main bullish trend.

The expected trading range for today is between 1730.00 support and 1775.00 resistance.

Expected trend for today: bullish.

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session against the Japanese yen after the developments and economic data that it followed about the Japanese economy and on the cusp of developments and economic data expected Thursday by the US economy, the largest economy in the world, which includes the talk of members of the Federal Committee for the open market via satellite Industrial led by Federal Reserve Governor Jerome Powell.

At exactly 05:57 AM GMT, the US dollar pair rose against the Japanese yen by 0.14% to 107.68 levels compared to the opening levels at 107.53 after the pair achieved its highest level during the trading session at 107.75, while achieving the lowest at 107.50.

On the Japanese economy, we have followed the release of the Trade Balance Index reading, which showed a deficit of 930 billion yen against a surplus of 5.4 billion yen in March, worse than the expectations that indicated a surplus of 67 billion yen, while the seasonally adjusted reading of the same indicator showed that the deficit widened to 996 billion yen Against 381 billion yen in March, also worse than expectations that the deficit widened to 650 billion yen, with the expansion of exports and imports last month.

This came before we witnessed the disclosure of the initial reading of the manufacturing PMI by Markit on Japan, which showed the contraction widened to 38.4 compared to 41.9 in April. Otherwise, we followed yesterday. Japanese Minister of Economy Yasutoshi Nishimura expressed that his country is on the right path to contain Coronavirus has spread, while tourism has not yet reached the stage of a resurgence, and the sector has recovered from activity.

Also, the Japanese Economy Minister Nishimura noted that the Japanese government is following the data received at the present time before it made its decision regarding lifting the state of emergency in the remaining regions of his country. It is noteworthy that the Japanese government announced last week to lift the state of emergency in 39 of the 47 regions in Japan, in the wake of data from these regions showing positive signs of containing the outbreak of coronavirus there.

We would like to point out, because the Bank of Japan announced last Tuesday its intention to hold an emergency meeting tomorrow, Friday, through which monetary policymakers at the Bank of Japan are expected to keep interest rates negative at 0.10% and provide more stimulus after the Bank of Japan raised last month. The maximum purchase limit for corporate and commercial securities that he pledges to purchase is 20 trillion yen from 7 trillion yen in advance.

The Bank of Japan also announced at the end of last month its commitment to purchase unlimited amounts of government bonds by canceling the previous directive to purchase them at an annual rate of about 80 trillion yen, stating at the time that “the Bank of Japan will purchase the necessary amounts of government bonds without setting a higher limit so that it remains 10-year bond yield at about zero percent.

On the other hand, investors are currently awaiting by the US economy the release of the aid claims index for the last week on May 15, which may reflect a decline of 581 thousand applications to 2,400 thousand applications compared to 2,981 thousand requests in the previous reading, while the reading of subsidy applications may appear Continuing for the last week on the eighth of this month, increasing by 1,932 thousand requests to 24,765 thousand requests compared to 22,833 thousand requests.

This comes in conjunction with the disclosure by the largest industrialized country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect the contraction to 40.0 compared to 56.6 last April, and before we witness the disclosure of the initial reading of the manufacturing PMI Markit is for the United States, which may reflect a contraction of shrinkage to 39.3 compared to 36.1 in April.

It also revealed the initial reading of the Services PMI that may reflect the contraction in value to 32.6 compared to 26.7 in April, before the release of the leading indicators, which may explain the decline in the decline to 5.5% compared to 6.7% last March, in conjunction with The release of the Existing Home Sales Index, which may explain the widening decline to 18.9% to 4.31 million homes compared to 8.5% at 5.27 million homes in April.

All the way to FBI members ’satellite talk, New York Fed President John Williams at the Greater Rochester Chamber of Commerce and Federal Reserve Governor Richard Clarida’s views of the US economic outlook and monetary policy at the New York Business Economics Association, before we witness the introduction of the Fed’s governor Jerome Powell introductory notes about Coronavirus at a federal event

Technical analysis

The dollar versus the yen was exposed to negative pressure to break the level of 107.68 and settle below it, but we notice that the price was based on the support of an intraday bullish channel that appears in the image, and the moving average 50 meets with the support of this channel to protect the trades within it, in conjunction with the emergence of positive crossover signs through the stochastic indicator.

Thus, these factors encourage us to favor the bullish trend today, noting that our next main target is 109.22, while a break of 107.35 is a negative factor that will pressure the price to achieve further decline and target the level of 106.44 before any new attempt to rise.

The expected trading range for today is between 107.00 support and 108.60 resistance.

Expected trend for today: bullish.

CADJPY 

The support level of 77.15 holds back sellers. A pennant trend continuation pattern has formed on the chart. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy when an ascending 1-2-3 pattern is formed, strictly on the breakout of the upper border of the pattern. 

Stop loss below the support level of 77.15.

Target levels: 77.75; 78.19.

The CADJPY rate online: monitor the movement of the pair in real time.

#JNJ

The 147.20 support level is holding back sellers. A bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals oversoldness. A descending (red) pattern has formed.

Trading recommendations:

Buy when an ascending pattern is formed, where the wave (A) breaks through the inclined channel of the descending (red) pattern, completing it.

Stop loss below the support level of 147.20.

Target levels: 150.53; 153.07; 156.45.

The #JNJ rate online: monitor the movement of the shares in real time.

USDRUB

The pair is trading below the strong support level of 72.35 amid the high demand for OFZs from non-residents, as well as the stronger growth in crude oil prices. The price will return to 64.00–65.00 earlier than predicted, in the beginning of June.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI entered the oversold zone. Stoch are also located there.

Trading recommendations:

If the price goes below 71.00, it will drop further down to 70.00.

USDRUB rate online: follow the course movement in real time.

The Australian dollar fluctuated in a narrow range tilted to the upside during the Asian session, to witness its bounce to the fourth session from the lowest since May 7 against the US dollar, following the developments and economic data that it had reported on the Australian economy and on the cusp of developments and economic data expected today Wednesday by the US economy The largest economy in the world.

At 2:37 am GMT, the Australian dollar pair rose against the US dollar by 0.15% to 0.6547 levels compared to the opening levels at 0.6537, after the pair achieved its highest level during the trading session at 0.6561, while it achieved its lowest at 0.6525.

We have followed the Australian economy to reveal the reading of the leading indicators, which showed a decline in the decline to 0.3% compared to 0.5% last March, and this came before we witnessed the issuance of the reading of the leading indicators by the Melbourne Institute, which indicated the decline in the decline to 1.5% compared to 0.7% In March, up to the disclosure of the seasonally adjusted preliminary reading of the retail sales index, which reflected a decline of 17.9% compared to a rise of 8.5% in March.

This comes, hours after the Reserve Bank of Australia disclosed the minutes of its last meeting, which was held on the fifth of this month, during which the monetary policymakers of the Australian Central Bank decided to fix short-term benchmark interest rates for the second consecutive meeting at the lowest ever at 0.25%. Which came in line with expectations at the time.

The minutes stated yesterday that the Australian central bank will not increase the interest until the economy shows progress towards full employment and inflation in a sustainable manner within the target range between 2 ~ 3% and that the speed and timing of the economic recovery are uncertain and that it is ready to increase its purchases of bonds, and tomorrow, Thursday, investors are looking forward to the participation of a governor Reserve Bank of Australia Philip Lowe at a panel discussion at the Institute of Financial Services Australia in Sydney.

On the other hand, markets are currently awaited by the US economy, as the Federal Reserve revealed the minutes of the Federal Open Market Committee meeting held on April 28-29, in which it decided to stabilize interest on federal funds at zero levels between zero and 0.25%. , Which came in line with expectations at the time, amid stressing the way forward in using all tools to support the American economy in these difficult times.

It is reported that members of the Federal Committee expressed at the end of last month that the outbreak of the Coronavirus had caused human and economic suffering within the United States and abroad and that the preventive measures adopted by countries globally weigh on economic activity and that the decline in demand and the collapse of oil prices reduce inflationary pressures while benefiting That this health crisis will broadly affect economic activity and the labor market as well as inflation.

The members of the Federal Committee also mentioned at the time that interest rates are expected to remain at zero levels to support the flow of credit to families and companies and that the Federal Reserve is moving forward in purchasing treasury bonds at $ 500 billion per month and mortgage bonds at least $ 200 per month when the economy showed signs of recovery in the wake of overcoming the current crisis and achieving price stability in addition to an improvement in the labor market.

The Federal Committee also stated at the time that it would continue to follow economic data and data related to health care and global developments and assess the current and expected conditions within its work to reach the goal of inflation at two percent and achieve the maximum benefit in the labor market, adding that it will monitor the market conditions closely and is ready to amend its tools if What is needed.

Other than that, yesterday we followed the statements of Federal Reserve Governor Jerome Powell and US Treasury Secretary Stephen Manuchin before the Senate Satellite Banking, Housing, and Urban Affairs Committee, and Powell emphasized that the Federal Reserve will keep interest rates at zero levels until recovery Economy and achieving the goal of inflation, and he is committed to using all his tools to support the economy in this difficult period

Technical analysis

The Australian dollar versus the US dollar pair shows a bearish bounce after testing the broken support for the upside channel that appears in the image, which turns into resistance now at 0.6595, affected by the stochastic negativity, and the price needs to obtain a positive momentum sufficient to push trades to resume the main bullish trend, the next target of which is located at 0.6685.

In general, we continue to favor the bullish trend for the next period supported by the EMA50 unless the 0.6407 level is broken and stability below it.

The expected trading range for today is between 0.6460 support and 0.6600 resistance.

Expected trend for today: bullish.

The single currency fluctuated the euro in a narrow range tilted to the upside during the Asian session to witness its rebound to the seventh session in ten sessions from the lowest since April 24 against the US dollar on the cusp of developments and economic data expected today Wednesday by the economies of the euro area and the American economy the largest economy In the world.

At 05:03 am GMT, the euro pair rose against the US dollar by 0.17% to 1.0942 levels, compared to the opening levels at 1.0923 after the pair achieved its highest level during the trading session at 1.0947, while achieving the lowest at 1.0919.

The markets are looking to reveal the current account index reading for the eurozone economies as a whole for April before we witness the disclosure of inflation data also for the region as a whole with the release of the annual final reading of the consumer price index, which may reflect the stability of growth at 0.4%, unchanged from the reading Preliminary for the last month and compared to 0.7% last March.

The core annual CPI reading for the eurozone as a whole may also show stability in growth of 0.9% as well, with little change from the initial reading and 1.0% in the previous annual reading for the month of March, up to the disclosure of the CPI reading for the region as a whole, which may appear The contraction stabilized at $ 23, little changed from the previous reading in April.

On the other hand, markets are currently awaited by the US economy, as the Federal Reserve revealed the minutes of the Federal Open Market Committee meeting held on April 28-29, in which it decided to stabilize interest on federal funds at zero levels between zero and 0.25%. , Which came in line with expectations at the time, amid stressing the way forward in using all tools to support the American economy in these difficult times.

It is reported that members of the Federal Committee expressed at the end of last month that the outbreak of the Coronavirus had caused human and economic suffering within the United States and abroad and that the preventive measures adopted by countries globally weigh on economic activity and that the decline in demand and the collapse of oil prices reduce inflationary pressures while benefiting That this health crisis will broadly affect economic activity and the labor market as well as inflation.

The members of the Federal Committee also mentioned at the time that interest rates are expected to remain at zero levels to support the flow of credit to families and companies and that the Federal Reserve is moving forward in purchasing treasury bonds at $ 500 billion per month and mortgage bonds at least $ 200 per month when the economy showed signs of recovery in the wake of overcoming the current crisis and achieving price stability in addition to an improvement in the labor market.

The Federal Committee also stated at the time that it would continue to follow economic data and data related to health care and global developments and assess the current and expected conditions within its work to reach the goal of inflation at two percent and achieve the maximum benefit in the labor market, adding that it will monitor the market conditions closely and is ready to amend its tools if What is needed.

Otherwise, yesterday we followed the statement of Federal Reserve Governor Jerome Powell and US Treasury Secretary Stephen Manuchin before the Senate Satellite Banking, Housing and Urban Affairs Committee, and Powell emphasized that the Federal Reserve will keep interest rates at zero levels until recovery Economy and achieving the goal of inflation, and he is committed to using all his tools to support the economy in this difficult period.

It is noteworthy that the Federal Reserve Governor Powell warned last Sunday in the program "60 minutes" on the "CBS" channel that the economic downturn may continue until late 2021, explaining that the economic downturn in his country may reach between 20% and 30% "easily During the current quarterly quarter, with the outbreak of the Coronavirus, he explained that he expected the economy to "recover steadily during the second half of this year," as long as America avoided "the second wave of the virus."

Powell then noted that "it is very important to avoid this. It will be devastating to the economy and public confidence," adding that "assuming there is no second wave of the virus, I think you will see the economy recover steadily during the second half," explaining that "in order for the economy to fully recover". A vaccine must wait, "Powell also called on US lawmakers to pass more economic incentives and relief aid, while telling him that unemployment rates could peak at 25%.

Technical analysis

The euro against the dollar succeeded in achieving our awaited target at 1.0966 and bounced down from there, which signals the price trend to achieve a more expected decline during the upcoming sessions, on its way to visit the 1.0840 level as a next main station.

Therefore, the bearish bias will be expected for today, taking into consideration that the breach of 1.0966 will stop the suggested decline and lead the price for additional gains reaching 1.1067.

The expected trading range for today is between 1.0840 support and 1.1000 resistance.

Expected trend for today: bearish.

Gold prices fluctuated in a narrow range tilted to the upside during the Asian session amid the negative stability of the US dollar index according to the inverse relationship between them on the threshold of developments and economic data expected on Wednesday by the US economy, the largest economy in the world and with the pricing of markets for measures to reopen the US economy and some other global economies Gradually and the return of life to normal.

At exactly 04:34 AM GMT, gold price futures for June delivery rose 0.29% to trade at $ 1,754.20 per ounce compared to the opening at $ 1,749.20 per ounce, knowing that the contracts started the session’s trading on an upward price gap after yesterday’s trading was concluded At $ 1,745.60 an ounce, with the US dollar index down 0.10% to 99.46 compared to the opening at 99.56.

Markets are currently awaited by the US economy, as the Federal Reserve revealed the minutes of the Federal Open Market Committee meeting held on April 28-29, in which it was decided to stabilize interest on federal funds at zero levels between 0.25 and 0.25%, which It came in line with expectations at the time, amid stressing the way forward in using all tools to support the American economy in these difficult times.

It is reported that members of the Federal Committee expressed at the end of last month that the outbreak of the Coronavirus had caused human and economic suffering within the United States and abroad and that the preventive measures adopted by countries globally weigh on economic activity and that the decline in demand and the collapse of oil prices reduce inflationary pressures while benefiting That this health crisis will broadly affect economic activity and the labor market as well as inflation.

The members of the Federal Committee also mentioned at the time that interest rates are expected to remain at zero levels to support the flow of credit to families and companies and that the Federal Reserve is moving forward in purchasing treasury bonds at $ 500 billion per month and mortgage bonds at least $ 200 per month when the economy showed signs of recovery in the wake of overcoming the current crisis and achieving price stability in addition to an improvement in the labor market.

The Federal Committee also stated at the time that it would continue to follow economic data and data related to health care and global developments and assess the current and expected conditions within its work to reach the goal of inflation at two percent and achieve the maximum benefit in the labor market, adding that it will monitor the market conditions closely and is ready to amend its tools if What is needed.

Otherwise, yesterday we followed the statement of Federal Reserve Governor Jerome Powell and US Treasury Secretary Stephen Manuchin before the Senate Satellite Banking, Housing and Urban Affairs Committee, and Powell emphasized that the Federal Reserve will keep interest rates at zero levels until recovery Economy and achieving the goal of inflation, and he is committed to using all his tools to support the economy in this difficult period.

In the same context, he mentioned in his testimony before the Congress about the relief aid that was approved by the Federal Reserve and the US Treasury to reduce the repercussions of the outbreak of the Coronavirus and the economic security law, because the country's economy is facing expanded and perhaps unprecedented challenges for Americans due to the outbreak of the Coronavirus, with He said he expected the US economy to improve during the second half of this year.

It is noteworthy that Federal Reserve Governor Powell warned last Sunday in the program "60 minutes" on the "CBS" channel that the economic downturn may continue until late 2021, explaining that the economic downturn in his country may reach between 20% and 30% "easily" During the current quarterly quarter, with the outbreak of the Coronavirus, he explained that he expected the economy to "recover steadily during the second half of this year," as long as America avoided "the second wave of the virus."

Powell then noted that "it is very important to avoid this. It will be devastating to the economy and public confidence," adding that "assuming there is no second wave of the virus, I think you will see the economy recover steadily during the second half," explaining that "in order for the economy to fully recover". A vaccine must wait, "Powell also called on US lawmakers to pass more economic incentives and relief aid, while telling him that unemployment rates could peak at 25%.

Powell, who is expected to deliver tomorrow, Thursday, the opening remarks about the Coronavirus at a federalist's event listening via satellite, also said that the Federal Reserve adopted many incentive measures and still has more tools, explaining that there is a lot that can be done to support the economy, and adding He is committed to doing everything in his power as long as necessary to do so, while excluding the resort to push interest rates to the negative range.

Technical analysis

Gold provided positive trading yesterday to settle around 1745.00, reinforcing expectations for the continuation of the main bullish trend, which is being organized within the bullish channel that appears on the above chart, while SMA 50 continues to support the price from below.

Thus, we believe that the field is open to continue rising during the upcoming sessions, which mainly targets the areas of 1805.00, noting that breaking 1726.00 and holding below it will put the price under downward corrective pressure before returning to resume the main bullish trend.

The expected trading range for today is between 1730.00 support and 1775.00 resistance.

Expected trend for today: bullish.