Analytic reviews

Gold price futures fluctuated in a narrow range tilted toward a decline during the Asian session amid the US dollar index rebounding to the seventh session in eight sessions from the lowest since March 30, according to the inverse relationship between them on the threshold of developments and economic data expected on Friday by the American economy and in Shades of market pricing for the negative repercussions of the spread of the Coronavirus and the stimulus that aims to contain these repercussions.

At exactly 04:47 AM GMT, gold price futures for June delivery decreased 0.35% to trade at $ 1,746.90 per ounce compared to the opening at $ 1,753.00 per ounce, knowing that the contracts started the trading session on an upward price gap after it concluded yesterday's trading At $ 1,745.40 an ounce, with the US dollar index rising 0.05% to 100.54 compared to the opening at 100.49.

Investors are currently awaiting the US economy to disclose the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product in the United States, which may reflect a 12.0% decline compared to a rise of 1.2% last February, while A substantial reading of the same indicator may show the decline widening to 6.1% compared to 0.6% in February.

This comes before we witness the revelation of the final reading of the University of Michigan's index of consumer confidence, which may show a shrinkage in the amplitude of 67.8 compared to 71.0 in the previous reading of the previous month and 89.1 in March, otherwise, we followed yesterday the approval of the House of Representatives by an overwhelming majority on The stimulus package to support small companies and medical centers, which is estimated at $ 484 billion, to face the consequences of the outbreak of the Coronavirus.

It is noteworthy that the bill was passed last Tuesday in the Senate amid the polarity of the American policy, both the ruling Republican Party, which has the majority of the Senate, and the Democratic Party, which has the majority of the House of Representatives, in order to provide financing for small companies and support the largest economy in the world in the face of the consequences of the virus Taji, and US President Donald Trump is expected to sign the bill later.

In another context, we followed up on Wednesday, US Treasury Secretary Stephen Manuchen expressed that his country needs to boost financial spending and that 60 million workers will likely find assistance from the business loan program and that the cost of lending to workers will be low given that the federal interest is at zero levels, and this came with his testimony That America will provide $ 2.6 trillion directly to support the economy, and that the Fed provides liquidity of $ 4 trillion.

Technical analysis

Gold price appears bearish tendency with the opening of the day after approaching our first target 1747.43, where the price is affected by the negativity of the stochastic, while the moving average 50 continues to provide positive support for the price, so we continue to favor the bullish trend for the next period, whose goals begin to exceed the mentioned level of the rally towards 1780.00 as a main target next.

On the other hand, it should be noted that failure to achieve the required breach will form a low top, indicating the price trend to make a further descending correction to attack 1678.45 and open the way for visiting 1635.80 as a next corrective station.

The expected trading range for today is between 1700.00 support and 1750.00 resistance.

Expected trend for today: bullish.

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session, to witness its bounce to the fifth session in eight sessions from the lowest since early April, when it tested the lowest since 18 March against the Japanese yen, after the economic data that it reported on the Japanese economy and on The economic developments and data expected on Friday by the US economy is the largest economy in the world.

At exactly 05:55 AM GMT, the US dollar pair rose against the Japanese yen by 0.06% to 107.66 levels compared to the opening levels at 107.60 after the pair achieved its highest level during the trading session at 107.76, while achieving the lowest at 107.55.

On the Japanese economy, we followed the disclosure of inflation data with the release of the annual reading of the national consumer price index, which showed stable growth in line with expectations at 0.4% in March, while the annual reading of the same index, which excludes fresh food, showed slowing growth to 0.4% also compatible With expectations and against 0.6% in the previous annual reading for last February.

In the same context, we also followed the release of the annual reading of the consumer price index excluding energy and fresh food, which showed stable growth in line with expectations at 0.6% during March, and this came before we witnessed the release of the annual reading of the services price index, which showed slowing growth to 1.6 % Versus 2.1% in February, worse than expected at 1.7%.

Up to the disclosure by the second-largest economies of Asia and the third-largest economy and the third-largest industrialized country in the world after both China and the United States of America, data on the industrial sector with the release of the index of overall industrial activities, which showed a 0.6% decline compared to a 0.6% increase, which was modified from a rise 0.8% in February, worse than expected, indicating a 0.4% decline.

On the other hand, investors are currently awaiting the US economy to disclose the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product in the United States, which may reflect a 12.0% decline compared to a rise of 1.2% in February In the past, while a substantial reading of the same indicator may show a widening decline to 6.1% compared to 0.6% in February.

This comes before we witness the revelation of the final reading of the University of Michigan's index of consumer confidence, which may show a shrinkage in the amplitude of 67.8 compared to 71.0 in the previous reading of the previous month and 89.1 in March, otherwise, we followed yesterday the approval of the House of Representatives by an overwhelming majority on The stimulus package to support small companies and medical centers, which is estimated at $ 484 billion, to face the consequences of the outbreak of the Coronavirus.

We would like to point out that the bill was passed last Tuesday in the Senate amid the polarity of the American policy, both the ruling Republican Party with the majority of the Senate and the Democratic Party with the majority of the House of Representatives, to provide financing for small companies and support the largest economy in the world in the face of the consequences of the virus outbreak Taji, and US President Donald Trump is expected to sign the bill later.

Technical analysis

The dollar against the yen enabled yesterday's trading to close below 107.68, which supports the continuation of our bearish expectations, noting that the stochastic is providing a negative crossover indication that we are waiting to contribute to pushing the price down during the upcoming sessions, where our next target is located at 106.44.

On the other hand, it should be noted that breaching the 108.25 level will push the price to shift to the upside over the intraday basis to test the 109.22 level before any new attempt to decline.

The expected trading range for today is between 106.80 support and 108.30 resistance.

Expected trend for today: bearish.

AUDCHF 

The price pivot zone of 0.6232 is holding back buyers. A bearish divergence has formed on Awesome Oscillator. The ascending H12 level pattern is truncated.

Trading recommendations:

Sell while a descending wave pattern is forming, where the wave (A) breaks through the inclined channel of an ascending truncated H12 level pattern, completing it. 

Stop loss: beyond the local maximum (0.6232).

Target levels: 0.6071; 0.5950; 0.5834.

After the first profit taking, move the stop loss to breakeven.

The AUDCHF rate online: monitor the movement if the pain in real time.

#KHC

The price pivot zone of 29.80 is holding back buyers. Awesome Oscillator shows bearish divergence, while Stochastic Oscillator signals overboughtness. Breaking through the price pivot zone of 28.28 will result in the formation of a descending pattern 1-2-3.

Trading recommendations:

Sell at the breakout level of 28.28.

Stop loss – 29.80.

Target levels: 27.45; 26.43; 24.93.

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

EURUSD

The pair remains under pressure as the EU announces a stimulus package to support the economy. It turned out to be smaller than expected—1 trillion euros instead of 2 trillion. Moreover, the meeting didn’t clarify the details of the deal, which will weaken the pair in the short term.

Technical side:

The price is at the level of the lower line of the Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and is declining. Stoch entered the oversold zone.

Trading recommendations:

Sell the pair after it reaches yesterday’s target of 1.0770, with its likely drop first to 1.0715, and then to 1.0660.

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

#AA

The overall trend is downward. The resistance level of 8.00 holds back the bulls. A wedge trend continuation pattern has formed. Breaking through the support level of 7.00 will result in a further decline within the overall downtrend.

Trading recommendations:

Sell below 7.00.

Stop loss: 8.00.

Target levels: 6.00; 5.30.

The #AA shares online: monitor the movement of the pair in real time.

The Australian dollar fluctuated in a narrow range slanting toward decline during the Asian session, to witness its bounce to the fourth session in eight sessions from its highest since last March 12 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 from Before the American economy, the largest economy in the world.

At exactly 02:58 am GMT, the Australian dollar pair declined against the US dollar by 0.28% to 0.6305 levels compared to the opening levels at 0.6323, after the pair achieved its lowest level during the trading session at 0.6283, while it achieved the highest at 0.6324.

This has followed the disclosure of the initial reading of the Markit Industrial and Services PMI for Australia for the month of April, and the initial reading of the Manufacturing PMI showed that the contraction expanded to 45.6 compared to 49.7 last March, as the initial reading of the Services PMI showed a widening Shrinkage to 19.6, compared to 38.5 in March.

On the other hand, investors are currently awaiting by the American economy the release of the index of subsidy requests for the past week on April 18, which may reflect a decline by 895 thousand requests to 4,350 thousand requests compared to 5,245 thousand requests in the previous weekly reading, while it may appear reading requests The continuous benefit for the last week on the 11th of this month, increasing by 5,295 thousand requests to 17,271 thousand applications compared to 11,976 thousand requests.

This comes before we witness the disclosure of the initial reading of the Markit Industrial and Service Purchasing Managers Index for the United States, which may reflect the widening contraction of the industrial sector in the largest industrial country in the world to a value of 35.1 compared to 48.5 in the previous reading for the month of March, and we may also witness a widening The service sector contracted to 30.5 compared to 39.8 in March.

To reveal the housing market data from the release of the New Home Sales reading, which may explain a 16.0% decline to 643 thousand homes compared to a 4.4% decline at 765 thousand homes last February. In another context, we followed yesterday, and US Treasury Secretary Stephen Mnuchin expressed The fact that his country needs to boost fiscal spending and that 60 million workers is likely to find assistance from the business loan program.

The US Treasury Secretary mentioned Manuchin that the cost of lending to workers who will get loans will be low, given that the interest on federal funds is currently at zero levels, and that came with his discussion that the United States will provide $ 2.6 trillion directly to support the largest economy in the world. Facing the repercussions of the coronavirus outbreak, it reported that the Federal Reserve was providing $ 4 trillion in liquidity.

Other than that, we followed last Tuesday, the Senate announced the agreement of the polar American policy the ruling Republican Party, which has the majority of the Senate and the Democratic Party with the majority of the House of Representatives, on a program to support small companies and medical centers worth $ 484 to address the consequences of the outbreak of the Coronavirus, including $ 320 Billion for small businesses The bill is expected to pass in the House of Representatives later today.

It is reported that US President Trump recently announced his administration's plan to gradually restart and operate the American economy, indicating that the global medical crisis may subside later, while its economic consequences remain, and according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus has increased to Close to 2.48 million and 169,151 people were killed in 213 countries.

Technical analysis

The Australian dollar versus the US dollar shows quiet negative trading to move below SMA 50 again, to record low peaks levels that support the chances of the continuation of the negative scenario suggested in our recent reports, whose goals begin to break the 0.6236 level to confirm the trend towards 0.6097 as the next main station.

Therefore, we are waiting for further decline today provided that the price maintains its stability below 0.6407 level.

The expected trading range for today is between 0.6220 support and 0.6380 resistance.

Expected trend for today: bearish.

The single currency fluctuated the euro in a narrow range slashing up during the Asian session to witness its rebound to the second session from the lowest since the seventh of April this year against the US dollar on the threshold of developments and economic data expected Thursday by the economies of the euro area and the US economy the largest economy in the world.

At 05:23 am GMT, the euro pair rose against the US dollar by 0.05% to 1.0828 levels, after the pair achieved its highest level during the trading session at 1.0829, while achieving the lowest at 1.0805.

Investors from the largest euro-area economies, Germany, are looking to unveil a statistical reading of the GFK index of consumer confidence, which may reflect a contraction of 1.9 compared to 2.7 in April, before seeing France, the second-largest economy in the region and Germany, in addition to the eurozone as a whole. The first reading of the Markit index for industrial and services purchasing managers for the current month, which may reflect the widening contraction.

On the other hand, investors are currently awaiting by the American economy the release of the index of subsidy requests for the past week on April 18, which may reflect a decline by 895 thousand requests to 4,350 thousand requests compared to 5,245 thousand requests in the previous weekly reading, while it may appear reading requests The continuous benefit for the last week on the 11th of this month, increasing by 5,295 thousand requests to 17,271 thousand applications compared to 11,976 thousand requests.

This comes before we witness the revelation of the initial reading of the Markit Industrial and Service Purchasing Managers Index for the United States, which may reflect the widening contraction of the industrial sector in the largest industrial country in the world to a value of 35.1 compared to 48.5 in the previous reading last March, as we may witness The service sector contracted to 30.5 compared to 39.8 in March.

To reveal the housing market data from the release of the New Home Sales reading, which may explain a 16.0% decline to 643 thousand homes compared to a 4.4% decline at 765 thousand homes last February. In another context, we followed yesterday, and US Treasury Secretary Stephen Mnuchin expressed The fact that his country needs to boost fiscal spending and that 60 million workers is likely to find assistance from the business loan program.

The US Treasury Secretary mentioned Manuchin that the cost of lending to workers who will get loans will be low, given that the interest on federal funds is currently at zero levels, and that came with his discussion that the United States will provide $ 2.6 trillion directly to support the largest economy in the world. Facing the repercussions of the coronavirus outbreak, it reported that the Federal Reserve was providing $ 4 trillion in liquidity.

Other than that, we followed last Tuesday, the Senate announced the agreement of the polar American policy the ruling Republican Party, which has the majority of the Senate and the Democratic Party with the majority of the House of Representatives, on a program to support small companies and medical centers worth $ 484 to address the consequences of the outbreak of the Coronavirus, including $ 320 Billion for small businesses The bill is expected to pass in the House of Representatives later today.

It is reported that US President Trump recently announced his administration's plan to gradually restart and operate the American economy, indicating that the global medical crisis may subside later, while its economic consequences remain, and according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus has increased to Close to 2.48 million and 169,151 people were killed in 213 countries.

Technical analysis

The EURUSD pair confirmed the breach of the 1.0840 level after the daily candle closed below it, to activate the bearish trend scenario in the intraday and short term, on its way to achieving negative targets that start at 1.0700 and extend to 1.0640.

The descending channel that appears in the picture organizes the suggested descending wave, which gets support from the EMA50, taking into consideration that the expected decline will remain valid unless 1.0840 then 1.0870 levels are breached and stability above it.

The expected trading range for today is between 1.0700 support and 1.0870 resistance.

Expected trend for today: bearish.

Gold price futures fluctuated in a narrow range that tilted toward a decline during the Asian session, to witness its bounce back for the fifth session in eight sessions from its highest since October 5, 2012, disregarding the US dollar index rebound from its highest since the seventh of this month according to the inverse relationship between them On the threshold of the expected economic developments and data today, Thursday, by the US economy, the largest economy in the world, and in light of the market pricing of the negative repercussions of the spread of the Coronavirus globally and the stimulus that aims to contain these repercussions.

At exactly 04:20 AM GMT, gold price futures for June delivery decreased 0.11% to trade at $ 1,734.60 per ounce compared to the opening at $ 1,736.50 per ounce, knowing that the contracts started the trading session on a falling price gap after it concluded yesterday's trading At $ 1,738.30 an ounce, while the US dollar index fell 0.02% to 100.43 compared to the opening at 100.45

Investors are currently awaiting by the US economy the issuance of the index of subsidy requests for the last week on April 18, which may reflect a decline by 895 thousand applications to 4,350 thousand applications compared to 5,245 thousand requests in the previous weekly reading, while the reading of continuous subsidy applications for the week may appear Last month on the 11th of this month, an increase of 5,295 thousand requests to 17,271 thousand requests compared to 11,976 thousand requests.

This comes before we witness the revelation of the initial reading of the Markit Industrial and Service Purchasing Managers Index for the United States, which may reflect the widening contraction of the industrial sector in the largest industrial country in the world to a value of 35.1 compared to 48.5 in the previous reading last March, as we may witness The service sector contracted to 30.5 compared to 39.8 in March.

To reveal the housing market data from the release of the New Home Sales reading, which may explain a 16.0% decline to 643 thousand homes compared to a 4.4% decline at 765 thousand homes last February. In another context, we followed yesterday, and US Treasury Secretary Stephen Mnuchin expressed The fact that his country needs to boost fiscal spending and that 60 million workers are likely to find assistance from the business loan program.

The US Treasury Secretary mentioned Manuchin that the cost of lending to workers who will get loans will be low, given that the interest on federal funds is currently at zero levels, and that came with his discussion that the United States will provide $ 2.6 trillion directly to support the largest economy in the world. Facing the repercussions of the coronavirus outbreak, it reported that the Federal Reserve was providing $ 4 trillion in liquidity.

Other than that, we followed last Tuesday, the Senate announced the agreement of the polar American policy the ruling Republican Party, which has the majority of the Senate and the Democratic Party with the majority of the House of Representatives, on a program to support small companies and medical centers worth $ 484 to address the consequences of the outbreak of the Coronavirus, including $ 320 Billion for small businesses The bill is expected to pass in the House of Representatives later today.

It is reported that US President Trump recently announced his administration's plan to gradually restart and operate the American economy, indicating that the global medical crisis may subside later, while its economic consequences remain, and according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus has increased to Close to 2.48 million and 169,151 people were killed in 213 countries.

In another context, the markets are still assessing the catastrophe of the oil markets and the sharp fluctuations in the global energy markets in addition to other indications that global companies and banks are making it difficult to provide expectations in the shadows of the global closure due to the outbreak of the Coronavirus, and we would like to point out that the collapse of the oil markets earlier this week She points out that the blow to the global economy will be much worse than what investors expected.

Technical analysis

Gold achieved good gains yesterday and settled above the $ 1700.00 barrier, reinforcing expectations for the continuation of the main bullish trend, whose first target is at 1747.43, noting that breaching this level will extend the upside wave to reach the areas of 1780.00.

SMA 50 continues to support the suggested bullish wave, which will remain intact, provided stability above 1678.45, as breaking this level will press the price to make more bearish correction whose next target is located at 1635.80 before any new positive attempt.

The expected trading range for today is between 1695.00 support and 1740.00 resistance.

Expected trend for today: bullish.

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session, to witness its bounce to the fifth session in seven sessions from the lowest since early April, when it tested the lowest since 18 March against the Japanese yen, after the economic data that it reported on the Japanese economy and on The expected economic developments and data today, Thursday, by the US economy, the largest economy in the world.

At exactly 05:55 AM GMT, the US dollar pair rose against the Japanese yen by 0.03% to 107.78 levels compared to the opening levels at 107.75 after the pair achieved its highest level during the trading session at 107.87, while achieving the lowest at 107.71.

We have followed the disclosure of the initial reading of the manufacturing PMI for this April by Markit about Japan, the second largest economy in Asia, the third largest in the world, and the third largest industrialized country in the world after both the United States and China, which showed that the contraction widened to a value of 43.7 Compared to 44.8 last March.

On the other hand, investors are currently awaiting by the American economy the release of the index of subsidy requests for the past week on April 18, which may reflect a decline by 895 thousand requests to 4,350 thousand requests compared to 5,245 thousand requests in the previous weekly reading, while it may appear reading requests The continuous benefit for the last week on the 11th of this month, increasing by 5,295 thousand requests to 17,271 thousand applications compared to 11,976 thousand requests.

This comes before we witness the revelation of the initial reading of the Markit Industrial and Service Purchasing Managers Index for the United States, which may reflect the widening contraction of the industrial sector in the largest industrial country in the world to a value of 35.1 compared to 48.5 in the previous reading last March, as we may witness The service sector contracted to 30.5 compared to 39.8 in March.

To reveal the housing market data from the release of the New Home Sales reading, which may explain a 16.0% decline to 643 thousand homes compared to a 4.4% decline at 765 thousand homes last February. In another context, we followed yesterday, and US Treasury Secretary Stephen Mnuchin expressed The fact that his country needs to boost fiscal spending and that 60 million workers is likely to find assistance from the business loan program.

The US Treasury Secretary mentioned Manuchin that the cost of lending to workers who will get loans will be low, given that the interest on federal funds is currently at zero levels, and that came with his discussion that the United States will provide $ 2.6 trillion directly to support the largest economy in the world. Facing the repercussions of the coronavirus outbreak, it reported that the Federal Reserve was providing $ 4 trillion in liquidity.

Other than that, we followed last Tuesday, the Senate announced the agreement of the polar American policy the ruling Republican Party, which has the majority of the Senate and the Democratic Party with the majority of the House of Representatives, on a program to support small companies and medical centers worth $ 484 to address the consequences of the outbreak of the Corona virus, including $ 320 Billion for small businesses The bill is expected to pass in the House of Representatives later today.

It is reported that US President Trump recently announced his administration's plan to gradually restart and operate the American economy, indicating that the global medical crisis may subside later, while its economic consequences remain, and according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus has increased to Close to 2.48 million and 169,151 people were killed in 213 countries.

In another context, the markets are still assessing the catastrophe of the oil markets and the sharp fluctuations in the global energy markets in addition to other indications that global companies and banks are making it difficult to provide expectations in the shadows of the global closure due to the outbreak of the Coronavirus, and we would like to point out that the collapse of the oil markets earlier this week She points out that the blow to the global economy will be much worse than what investors expected.

Technical analysis

The dollar versus yen continues to fluctuate around the 107.68 level, and the stochastic indicator continues to lose positive momentum, while the MA 50 constitutes a continuous negative pressure against the price.

Consequently, we continue to favor the bearish trend for the upcoming period, which targets 106.44 level as the next main station, taking into consideration that failure to consolidate below 107.68 and the rush to breach 108.35 will stop the expected decline and lead the price to achieve gains that start with testing the level of 109.22.

The expected trading range for today is between 106.80 support and 108.30 resistance

Expected trend for today: bearish