Analytic reviews

Gold prices rose during the Asian session amid the dollar index rebounded from above since April 27, according to the inverse relationship between them after the developments and data that were followed by the Chinese economy, the largest consumer of metals globally and on the cusp of developments and economic data expected today Thursday by the US economy, which includes talk Member of the Federal Committee and Chairman of the Federal Reserve Bank of Philadelphia Patrick Harker is in the shadow of market pricing for the general trend of easing restrictions and the near end of the global closure imposed to combat the spread of Coronavirus.

At 05:24 am GMT, gold price futures for June delivery rose 0.54% to trade at $ 1,695.10 per ounce compared to the opening at $ 1,686.00 per ounce, knowing that the contracts started the trading session on a falling price gap after yesterday's trading was concluded At $ 1,688.50 an ounce, with the US dollar index down 0.01% to 100.19 compared to the opening at 100.20.

We have followed about the Chinese economy, the largest economy in Asia and the second-largest economy in the world, the second-largest industrialized country in the world, the release of the Trade Balance Index reading, which showed the widening of the surplus to 318 billion yuan, equivalent to $ 45.2 billion compared to 139 billion yuan, equivalent to $ 19.9 billion in March, contrary to expectations that the surplus will shrink to 82 billion yuan ($ 9.1 billion), as exports increase and imports decline in the past month.

On the other hand, investors are currently awaiting by the US economy the release of the aid claims index for the last week on the second of May, which may reflect a decline of 839 thousand applications to 3,000 thousand requests compared to 3,839 thousand requests in the previous weekly reading, while reading requests may appear The continuous benefit for the last week on the 25th of this month, increasing by 1,913 thousand applications to 19,905 thousand applications compared to 17,992 thousand requests.

This comes in conjunction with the issuance of the initial reading of the single labor cost index, which reflects the acceleration of growth to 4.3% compared to 0.9% in the fourth quarter, while the initial reading of the productivity of the sectors other than agricultural may indicate a decrease of 5.4% versus an increase of 1.2%, leading to the participation of a member of the Federal Committee and the head of a bank Philadelphia Federal Reserve Patrick Harker at a hypothetical panel discussion on Coronavirus and economic forecasts at the Chicago Council on World Affairs.

Technical analysis

The gold price came under clear negative pressure yesterday, as it reached the pivotal support level of 1678.45, noting that the price starts the day with an upward tendency in an attempt to move away from the mentioned level, which supports the continuation of the expected upside scenario for the coming period, supported by the stochastic movement at the saturation areas in Selling, pending heading towards our first main target expected at 1747.43.

We point out that the breach of 1727.00 will facilitate the price's mission by achieving the positive targets that extend to 1785.00 after exceeding the first target, noting the importance of holding above 1678.45 for the continuation of the expected rise

The expected trading range for today is between 1675.00 support and 1720.00 resistance.

Expected trend for today: bullish.

The fluctuation of the US dollar in a narrow range tilted to the upside during the Asian session to witness its rebound from the lowest since March 17 against the Japanese yen after the developments and economic data that were reported by the Japanese economy and on the cusp of developments and economic data expected Thursday by the US economy, which includes The talk of a member of the Federal Open Market Committee and Chairman of the Federal Reserve Bank of Patrick Harker.

At 6:12 am GMT, the US dollar pair rose against the Japanese yen by 0.19% to 106.32 levels compared to the opening levels at 106.12 after the pair achieved its highest level during the trading session at 106.35, while achieving the lowest at 105.99.

We have followed about the Japanese economy revealing the annual reading of the monetary base index by the Bank of Japan, which showed a decline to 2.3% compared to 2.8% last February, worse than expectations that indicated an acceleration in the growth rate to 4.5%, and it is reported that the Japanese Central Bank This indicator has started to be used as its main operational objective for the monetary base scheme since April of 2013.

On the other hand, investors are currently awaiting by the US economy the release of the aid claims index for the last week on the second of May, which may reflect a decline of 839 thousand applications to 3,000 thousand requests compared to 3,839 thousand requests in the previous weekly reading, while reading requests may appear The continuous benefit for the last week on the 25th of this month, increasing by 1,913 thousand applications to 19,905 thousand applications compared to 17,992 thousand requests.

This comes in conjunction with the issuance of the initial reading of the single labor cost index, which reflects the acceleration of growth to 4.3% compared to 0.9% in the fourth quarter, while the initial reading of the productivity of the sectors other than agricultural may indicate a decrease of 5.4% versus an increase of 1.2%, leading to the participation of a member of the Federal Committee and the head of a bank Philadelphia Federal Reserve Patrick Harker at a hypothetical panel discussion on Corona and economic forecasts at the Chicago Council on World Affairs.

Technical analysis

The dollar against the yen managed to break the 106.44 level and close the daily candle below it, which supports the continuation of our expectations for the downtrend effectively during the upcoming sessions, and the path is open for heading towards our next expected target at 105.20.

Therefore, the bearish trend scenario will remain effective in the intraday and short term, taking into consideration that stability below 106.44 is a first condition for the suggested decline to continue.

The expected trading range for today is between 105.20 support and 106.80 resistance.

Expected trend for today: bearish.

EURUSD 
The round secondary level of 1.0780 is holding back sellers. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator signals oversoldness. The level of 88.2% of the assumed wave A H8 is not broken, this allows us to assume that the downward pattern is a correction wave on H8.

Trading recommendations:

Buy while an ascending pattern is forming, where wave A breaks through the inclined channel of the descending pattern.

Stop loss at the local minimum.

Target levels: 1.0890; 1.0989.

If the level of 88.2% (1.0761) is broken, cancel the trading plan.

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

USDRUB

The pair is consolidating in the range of 72.50–75.50 amid a surge of uncertainty regarding the global economy recovering from the coronavirus crisis, while the West, particularly the US, is blaming China for the COVID-19 pandemic. Today, the opening of trading in Russia is expected to be positive due to this morning’s favorable data from China. This may support the RUB.

Technical side:

The price is above the middle Bollinger band, below SMA 5, but above SMA 14. RSI is at 50% and indicates a weaker price increase. Stoch are still growing.

Trading recommendations:

Sell the pair with a likely decrease to 72.50.

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

#AXP
The price pivot zone of 83.90 is holding back sellers. A descending truncated H1 level pattern has formed. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy strictly while an ascending wave pattern is forming, where wave A breaks through the inclined channel of the descending truncated H1 level pattern, completing it.

Stop loss under the local minimum of the H1 level descending pattern.

Target levels: 88.80; 96.26.

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

USDCAD 

An ascending H2 level pattern has formed on the chart. The wave (A H2?) broke through the inclined channel of the descending pattern, the expected correction (on H2) tested 50% on fibo and the price pivot zone of 1.4000. A breakout of 1.4078 will result in the formation of an ascending pattern within the wave C of the H2 level. Stochastic Oscillator also showed an exit from the oversold zone.

Trading recommendations:

Buy above 1.4078.

Stop loss: 1.4000.

Target levels: 1.4150; 1.4262.

If the price drops to the 1.4000 level, cancel the trading plan.

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

#INTC

On April 20th, we already recommended buying Intel stock CFDs at the breakout level of 48.80. The shares are now trading flat after the predicted growth, as can be seen now. The flat range’s lower border (56.70) is holding back sellers. A breakout of 59.27 will result in the formation of an ascending pattern 1-2-3. Stochastic Oscillator also showed an exit from the oversold zone.

Trading recommendations:

Buy above 59.27.

Stop loss: 56.70.

Target levels: 61.80; 67.60.

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

EURUSD 

The pair remains under strong pressure as Germany’s constitutional court calls on the ECB to justify the broad stimulus measures, threatening to halt the Bundesbank’s participation in the scheme. If this situation comes to a standstill, the pair is likely to continue falling. Only the Bundesbank remaining in the camp of the "saviors" of Europe will support the euro.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and is declining. Stoch are in the oversold zone and uninformative.

Trading recommendations:

Sell the pair after it goes below 1.0820 with a likely further decline to 1.0750. At the same time, if it holds above 1.0820, and the market sentiment turns positive as Bundesbank’s participation in the stimulus measures is announced, the pair will turn up and head towards 1.1000.

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

The US dollar fluctuated in a narrow range slanting to a downward trend during the Asian session against the Japanese yen amid the scarcity of economic data by the Japanese economy at the beginning of this week due to the Constitution Day holiday in Japan and on the cusp of developments and economic data expected on Monday by the American economy, the largest economy in the world

At exactly 06:03 AM GMT, the US dollar pair fell against the Japanese yen by 0.16% to 106.27 levels compared to the opening levels at 106.40 after the pair achieved its lowest level during the trading session at 106.19, while achieving the highest at 106.60.

Investors are currently awaiting by the US economy the disclosure of preliminary data for the labor market with the release of the index of change in private-sector jobs, which may reflect the loss of 20.5 million jobs compared to the loss of 27 thousand jobs last March, and that comes hours before the disclosure after Friday On the monthly report of jobs except agricultural and unemployment rates in addition to the hourly rate for the month of April.

Technical analysis

The dollar versus the yen pair is making new attempts to break the 106.44 level now, reinforcing expectations for the continuation of the bearish trend scenario in the intraday and short term, with a reminder that our next stop is at 105.20.

SMA 50 supports bearish expectations, noting that the continuation of the descending wave requires stability below 107.68 and 108.00 levels.

The expected trading range for today is between 105.50 support and 107.00 resistance.

Expected trend for today: bearish.

Gold price futures fluctuated in a narrow range tilted to a decline during the Asian session to witness its rebound to the seventh session in ten sessions from its highest since April 16 amid the US dollar index rebound for the third consecutive session from the lowest since 30 of March, according to the relationship The opposite between them is on the cusp of developments and economic data expected on Wednesday by the US economy and in the shadow of the pricing of markets for the general trend to ease restrictions and the end of the global closure.

At exactly 03:42 AM GMT, gold price futures for June delivery fell 0.20% to trade at $ 1,710.60 per ounce compared to the opening at $ 1,714.10 per ounce, knowing that the contracts started the trading session on an upward price gap after yesterday's trading was concluded At $ 1,710.60 an ounce, with the US dollar index rising 0.01% to 99.81 compared to the opening at 99.80.

Investors are currently awaiting by the US economy the disclosure of preliminary data for the labor market with the release of the index of change in private-sector jobs, which may reflect the loss of 20.5 million jobs compared to the loss of 27 thousand jobs last March, and that comes hours before the disclosure after Friday On the monthly report of jobs except agricultural and unemployment rates in addition to the hourly rate for the month of April.

Other than that, we followed last Sunday, US President Donald Trump expressed confidence that there will be an anti-coronavirus vaccine by the end of the year, knowing that public health officials previously reported that the vaccination of the Coronavirus may take from one to 18 months, according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus has increased by nearly 3.53 million, and 243,540 people have died in 215 countries.

In another context, we also followed on Sunday the claim of the American Secretary of State Mike Pompeo that there is "a large amount of evidence" that Corona emerged from a Chinese laboratory in the Chinese city of Wuhan, while no evidence was provided for that claim, and we would like to point out that the CIA I previously concluded that the coronavirus is not human-made, and it touched upon some reports that US intelligence documents accused China of hiding the severity of the virus outbreak to stockpile medical supplies.

Technical analysis

The price of gold shows sideways and narrow-range trading in the last sessions, and therefore, there is no change to the expected upside scenario for the upcoming period, which depends on stability above 1678.45, waiting for a positive incentive enough to push the price to achieve our goals that start by attacking the level of 1729.00 to confirm opening the way to a visit Levels 1747.43 then 1780.00 in the short term.

The expected trading range for today is between 1690.00 support and 1730.00 resistance.

Expected trend for today: bullish.