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The IT sector is the most protected from coronavirus and lower oil prices. Despite this, the company’s value is falling dramatically amid a general bearish sentiment in global markets. Bears push the stock price to a historic support level of 43.00. Stochastic Oscillator indicatorals oversoldness. Trading recommendations:

Buy from the support level of 43.00.

Stop Loss :40.00.

Target levels:47.50; 53.36.

The dollar / yen pair trades suspended between the pivotal resistance levels 107.98 and the support 104.63, and the price faces a strong obstacle at the mentioned resistance, where the moving average 50 meets with this level to add more strength to it, waiting for a strong positive incentive contributing to push the price to penetrate this level and confirm the continuation Intraday and short term rise.

Until now, we continue to favor the bullish trend for the next period unless 104.63 level is broken and stability below it, noting that our next positive targets start at 109.60 and extend to 111.30.

The expected trading range for today is between 105.50 support and 107.70 resistance.

Expected trend for today: bullish.

Gold futures fell during the Asian session to witness their bounce for the seventh consecutive session from their highest since December 18, 2012, while losing sight of the US dollar index bouncing back from its third session since February 27, according to the inverse relationship between them with the growing fears of Corona Virus outbreak globally and on the cusp of developments and economic data expected today Tuesday by the US economy.

At exactly 03:45 am GMT, the gold futures contracts for April delivery fell 1.16% to trade at $ 1,495.40 per ounce compared to the opening at $ 1,512.80 per ounce, knowing that the contracts started the trading session on an upward price gap after yesterday's trading was concluded At $ 1,486.50 an ounce, while the US dollar index fell 0.08% to 98.06 compared to the opening at 98.14.

Investors are currently awaiting by the US economy the disclosure of retail sales reading, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product of the United States, which may reflect a slowdown in the pace of growth to 0.2% compared to 0.3% in the previous reading last January , And the core reading of the same indicator may also show a slowdown in the pace of growth to 0.1% compared to 0.3% in January.

This comes before we witness the disclosure of industrial sector data for the largest industrialized country in the world with the release of the industrial production index, which may reflect an increase of 0.4% compared to a decline of 0.3% in January, while the reading of the energy utilization index may show the acceleration and pace of growth to 77.1% Against 76.8% in January, and also before the release of the wholesale inventories reading, which may explain a decline of 0.1% compared to a rise of 0.1% in December.

Up to the disclosure of labor market data with the release of a job reading and job turnover reading that may reflect a decrease to 6.40 million compared to 6.42 million in December, in conjunction with the disclosure of housing market data with the release of the housing index reading by the National Association of Builders Houses that may reflect stability at $ 74 in February.

This comes hours after the Federal Reserve’s surprising meeting last Sunday, which is the second surprising meeting in less than two weeks, after the previous sudden meeting on the third of this month in which the Federal Reserve’s monetary policy makers decided to return to the short-term benchmark interest rates. Zero levels reached in the wake of the worsening global financial crisis more than a decade ago.

The members of the Federal Open Market Committee reduced the interest on federal funds by 100 basis points to between zero levels and 0.25%, which they remained from 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points. The basis is between 1.00% and 1.25%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

The Federal Reserve's monetary policy statement stated that the decision to reduce will be effective from Monday March 16, and that the Federal Open Market Committee will repurchase treasury bonds with at least $ 500 billion per month and mortgage-backed securities at $ 200 billion per month At least, these purchases should be made at the appropriate speed to support the smooth performance of the stock market, treasury and mortgage agency.

The statement also stated at the time to move forward with repo agreements to ensure that the supply of reserves remains ample and support the smooth performance of US dollar financing markets in the short term. This came before the press conference held by Federal Reserve Governor Jerome Powell and before we witnessed yesterday The New York Federal Reserve announced that it would offer $ 500 billion via repo operations to provide more liquidity in the financial system.

Technical analysis

Gold price trading stabilizes near the level of 1509.00, and remains below it, to keep the negative pressure in place for the coming period, as this level is the first protection factor for the continuation of the negative scenario suggested in our recent reports, pending the resumption of the decline to attack the 1453.10 level and opening the way for heading towards our extended negative targets that start It is 1400.00 and goes away to 1307.10.

SMA 50 supports the suggested descending wave, taking into consideration that breaching 1509.00 then 1557.00 levels will stop the expected decline and lead the price to return to the main bullish path again.

The expected trading range for today is between 1450.00 support and 1540.00 resistance.

Expected trend for today: bearish.

The single currency fluctuated the euro in a narrow range slanting back down during the Asian session to witness its rebound to the fifth session in seven sessions from its highest since the second of late January 2019 against the US dollar on the threshold of developments and economic data expected today Tuesday by the economies of the euro area and the American economy is greater Economy in the world amid growing fears of a global outbreak of the Corona virus.

At exactly 04:59 AM GMT, the euro against the US dollar fell 0.05% to 1.1177 levels compared to the opening levels at 1.1183, after the pair achieved its highest level during the trading session at 1.1189, while achieving the lowest at 1.1059.

The markets are looking to reveal a statistical reading of the ZEW economic sentiment index for Germany, the largest economies in the eurozone, and the eurozone economies as a whole, which may reflect a contraction in Germany and the region as a whole to the value of 29.7 and 23.1 against a widening of 8.7 and a widening of 10.4, respectively, last February. This comes in conjunction with the activities of the European Union summit, which will discuss measures to direct the Corona virus and the meetings of finance ministers for the euro area in Brussels.

On the other hand, investors are currently awaiting by the US economy the disclosure of the retail sales reading, which represents about half of consumer spending, which represents more than two thirds of the gross domestic product of the United States, which may reflect a slowdown in the pace of growth to 0.2% compared to 0.3% in the previous reading for January Last January, as the fundamental reading of the same index may show, the pace of growth slowed to 0.1% compared to 0.3% in January.

This comes before we witness the disclosure of the industrial sector data for the largest industrialized country in the world with the release of the industrial production index, which may reflect an increase of 0.4% compared to a decline of 0.3% in January, while the reading of the energy utilization index may show an acceleration of the growth rate to 77.1% Against 76.8% in January, and also before the release of the wholesale inventories reading, which may explain a decline of 0.1% compared to a rise of 0.1% in December.

Up to the disclosure of labor market data with the release of a job reading and job turnover reading that may reflect a decrease to 6.40 million compared to 6.42 million in December, in conjunction with the disclosure of housing market data with the release of the housing index reading by the National Association of Builders Houses that may reflect stability at $ 74 in February.

This comes hours after the Federal Reserve’s surprising meeting last Sunday, which is the second surprising meeting in less than two weeks, after the previous sudden meeting on the third of this month in which the Federal Reserve’s monetary policy makers decided to return to the short-term benchmark interest rates. Zero levels reached in the wake of the worsening global financial crisis more than a decade ago.

The members of the Federal Open Market Committee reduced the interest on federal funds by 100 basis points to between zero levels and 0.25%, which they remained from 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points. The basis is between 1.00% and 1.25%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

The Federal Reserve's monetary policy statement stated that the decision to reduce will be effective from Monday March 16, and that the Federal Open Market Committee will repurchase treasury bonds with at least $ 500 billion per month and mortgage-backed securities at $ 200 billion per month At least, these purchases should be made at the appropriate speed to support the smooth performance of the stock market, treasury and mortgage agency.

The statement also stated that the forward and night repurchase agreements "repo" to ensure that the supply of reserves remains ample and support the smooth performance of the financial markets in the US dollar in the short term, and this came before the press conference held by Federal Reserve Governor Jerome Powell and before we witness Yesterday the New York Federal Reserve announced that it would offer $ 500 billion via repo operations to provide more liquidity in the financial system.

Technical analysis

The euro against the dollar pair is returning to volatility near 1.1221 and still below it, which keeps the bearish trend scenario still in place, waiting for a negative incentive enough to push the price to break the 1.1050 level to confirm the trend towards our proposed negative targets, which start at 1.0950 and extend to 1.0778.

On the other hand, we should pay attention that breaching 1.1221 and holding above it will stop the negative scenario and lead the price to achieve gains reaching 1.1325 then 1.1457 initially.

The expected trading range for today is between 1.1050 support and 1.1260 resistance.

Expected trend for today: bearish.

The Australian dollar continues to move within a narrow range tilted back down during the Asian session to witness to continue to decline for the seventh consecutive session against the US dollar on the cusp of developments and economic data expected on Tuesday by the US economy, the largest economy in the world amid growing fears of the spread of the global epidemic of the Corona virus.

At exactly 04:59 AM GMT, the Australian dollar pair fell against the US dollar to 0.6080 levels compared to the opening levels at 0.6104 after the pair achieved its highest level during the trading session at 0.6148, while achieving the lowest at 0.6064.

Investors are currently awaiting the US economy to reveal the retail sales reading, which represents about half of consumer spending, which represents more than two thirds of the gross domestic product of the United States, which may reflect a slowdown in the pace of growth to 0.2% compared to 0.3% in the previous reading in January, A substantial reading of the same indicator may also show a slowdown in the pace of growth to 0.1% compared to 0.3% in January.

This comes before we witness the disclosure of the industrial sector data for the largest industrialized country in the world with the release of the industrial production index, which may reflect an increase of 0.4% compared to a decline of 0.3% in January, while the reading of the energy utilization index may show an acceleration of the growth rate to 77.1% Against 76.8% in January, and also before the release of the wholesale inventories reading, which may explain a decline of 0.1% compared to a rise of 0.1% in December.

Up to the disclosure of labor market data with the release of a job reading and job turnover reading that may reflect a decrease to 6.40 million compared to 6.42 million in December, in conjunction with the disclosure of housing market data with the release of the housing index reading by the National Association of Builders Houses that may reflect stability at $ 74 in February.

This comes hours after the Federal Reserve’s surprising meeting last Sunday, which is the second surprising meeting in less than two weeks, after the previous sudden meeting on the third of this month in which the Federal Reserve’s monetary policy makers decided to return to the short-term benchmark interest rates. Zero levels reached in the wake of the worsening global financial crisis more than a decade ago.

The members of the Federal Open Market Committee reduced the interest on federal funds by 100 basis points to between zero levels and 0.25%, which they remained from 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points. The basis is between 1.00% and 1.25%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

The Federal Reserve's monetary policy statement stated that the decision to reduce will be effective from Monday March 16, and that the Federal Open Market Committee will repurchase treasury bonds with at least $ 500 billion per month and mortgage-backed securities at $ 200 billion per month At least, these purchases should be made at the appropriate speed to support the smooth performance of the stock market, treasury and mortgage agency.

This comes, hours after the sudden meeting of the Federal Reserve last Sunday, during which members of the Federal Open Market Committee decided to cut interest rates by 100 basis points to between zero levels and 0.25%, after less than two weeks from another sudden meeting The Federal Reserve was able to reduce interest by 50 basis points at the time, and quantitative easing plans and bond purchases of $ 700 billion a month were announced.

Technical analysis

The Australian dollar versus the US dollar made noticeable negative trades yesterday after maintaining stability below 0.6235, which keeps the downside scenario valid and active in the short and medium term, awaiting further decline towards the trend towards 0.6000 which represents our next main station.

On the other hand, it should be noted that breaching 0.6235 will push the price to start a new bullish wave targeting 0.6320 then 0.6460 initially.

The expected trading range for today is between 0.6020 support and 0.6200 resistance.

Expected trend for today: bearish.

The overall trend is downward. The currency pair is trading in the range of 365 and 135 moving averages. A start fractal was formed below the 135 moving average. Breaking through the start fractal will result in the formation of a 1-2-3 descending pattern within the overall downtrend.

Trading recommendations:

Sell below 105.15.

Stop loss: 107.20.

Target levels: 103.50; 102.00.

Gold price remains in a short-term downtrend. The coronavirus situation continues to have a negative impact on gold prices. The situation will not change in the short term.

The price is below the average line of the Bollinger band, below SMA 5 and SMA 14. RSI balances above the oversold zone and moves horizontally. Stoch is not informative.

Trading recommendations:

Sell with a probable target of 1445.00 after the price crosses the level of 1476.40.

When buying an option against the trend, it is necessary to confirm other technical analysis tools – the presence of divergence, candlestick reversal patterns. Buy against the trend strictly on the retest level! Buying an option before publishing important economic news is considered risky.  The expiration time depends on the strength of the level and confirmation by additional technical and fundamental analysis tools.

The dollar fell to witness its bounce for the second session from the top since March 3 against the yen, amid growing fears of a global outbreak of the Corona virus and after the Fed cut interest in a sudden meeting of the markets by 100 basis points to return to the zero levels reached after the exacerbation of the financial crisis Global In the wake of the developments and economic data that it adopted on the Japanese economy, which also included a surprising meeting of the Bank of Japan, in which the stimulus was also expanded and on the cusp of developments and economic data expected on Monday by the American economy.

At exactly 6:19 am GMT, the US dollar pair fell against the Japanese yen by 0.88% to 106.35 levels compared to the opening levels at 107.29, after the pair achieved its lowest level during the trading session at 105.74, while achieving the highest at 107.57, knowing The pair concluded the trading last week at 107.62 levels, before it started the trading session on a falling price gap.

We have followed about the Japanese economy, the third largest economy in the world and the third largest industrialized country in the world, to reveal the reading of the machinery orders index, which showed a rise of 2.9% compared to a decline of 12.5% ​​last December, surpassing expectations that indicated the decline to 1.0%, while The annual reading of the same index showed that the decline decreased to 0.3% compared to 3.5%, also exceeding expectations that indicated a decrease in the decline to 1.1%.

This came before we witnessed the adoption of monetary policy makers at the Central Bank of Japan at an emergency meeting held in place of the meeting scheduled on 18-19 March, to maintain negative interest rates at 0.10%, with the disclosure of the monetary policy statement of the Bank of Japan, which reflected the presentation of Further stimulus, with the goal of buying corporate bonds raised by 2 trillion yen, and markets are looking forward to the upcoming press conference by the Bank of Japan Governor in Tokyo.

On the other hand, we also followed a short while ago, the surprising meeting of the Federal Reserve, which is the second in less than two weeks, which took place on the 15th of this month after the previous surprising meeting on the third of March, which approved the monetary policy makers at the Federal Reserve Bank Returning short-term benchmark interest rates to zero levels reached in the wake of the worsening global financial crisis more than a decade ago.

The members of the Federal Open Market Committee reduced the interest on federal funds by 100 basis points to between zero levels and 0.25%, which they remained from 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points. The basis is between 1.00% and 1.25%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

The Federal Reserve monetary policy statement stated that the decision to reduce will be effective from Monday 16 March, and that the Federal Open Market Committee will carry out repurchases of treasury bonds with a minimum of $ 500 billion per month and mortgage-backed securities of $ 200 billion At least monthly, provided that these purchases are made at the appropriate speed to support the smooth performance of the stock market, treasury and mortgage markets.

The statement also stated that the forward and night repurchase agreements are being carried out to ensure that the supply of reserves remains ample and support the smooth performance of the US dollar financing markets in the short term, and this came an hour and a half before the press conference held by Federal Reserve Governor Jerome Powell and minutes before the conference The reporter was held by US President Donald Trump and his deputy Mike Pence, as well as members of the Corona Virus Team.

This has been noted by Federal Reserve Governor Powell a little while ago that the American economy is still growing despite rapid developments and that the Corona virus has a clear impact on the American economy and the world, pointing out that the repercussions of the virus will be clear in the short term and affect economic expectations, adding that the global economic weakness will be It has a negative impact on US exports.

Powell said that in light of these developments, the Federal Committee decided to cut interest to zero levels and that it is expected to remain until the confirmation of the end of risks and the return of the economy to moderate growth and achieve the optimal exploitation of the labor market and achieve the goal of inflation at 2%, adding that the Federal Reserve coordinates with major central banks such as The Bank of Canada, the Bank of Japan and the Bank of England and that the major banks have agreed to cut rates and that they will work to provide liquidity in dollars.

Powell also stated that monetary policy in the United States was noticeably tightening it and that he did not think it would be appropriate to resort to negative interest in the United States, adding that monetary stimulus is required by the American administration, with his statement that the American banking sector is strong and has a lot of head Money and liquidity, and that the Federal Open Market Committee will not meet on March 17-18, as previously planned, and that meeting will be sufficient for it.

We would like to point out, since the US President Trump welcomed the decisions of the Federal Committee just a moment ago and his wonderful recommendation, otherwise, it is mentioned that the US administration announced last weekend a national emergency in the United States, which will save more than $ 50 immediately in disaster relief funds. And, as the Republican President Trump's administration also came up with a new legislation package that will provide support to American families and societies in dealing with the Corona virus.

We would like to point out that the forty-fifth Trump President recently criticized the performance of Federal Reserve Governor Powell, explaining that he believed that the Federal Committee would be and should be more proactive, adding that the United States has the number one currency in the world by an expanded difference and that the federal currency is strong To a large extent, he expressed that the dollar is strong and that the Federal Reserve is not doing what it should do.

In the same context, Trump noted that the interest on federal funds should not be higher than the competing countries for America, with his mention that the interest in Germany is basically below zero, it is negative, and that there are many countries with interest as negative as Japan and other countries, while his country pays Interest is higher, adding that what he wants is to refinance America's debt and that it is possible and easy at a lower price, expressing we have tremendous opportunities now, because Jerome Powell does not make it easy.

Otherwise, the markets are looking to the US economy, the world's largest industrialized country, to disclose industrial sector data with the release of the New York Industrial Index reading, which may reflect the shrinkage of the expansion to 5.1 compared to 12.9 in February, and this comes in conjunction with the activities of the Group of Seven summit (Canada, Italy France, Germany, Japan, the United Kingdom and the United States) will be established via satellite and will discuss measures to deal with the economic impact of the outbreak of the Coronavirus.

Technical analysis

The dollar against the yen succeeded our positive goals mentioned in our last report at 106.68 and 107.98 and stopped at the last level, and begins today with a marked negative to attack the first level that forms a support floor after penetration previously, with the indication that we are likely to resume the upside during the upcoming sessions, and it needs Price to hold above 105.38 to keep the positive scenario effective.

A breakout of 107.98 is required to confirm the bullish wave extending towards 109.60 then 111.30 levels, keeping in mind that a break of 105.38 will stop the expected rise and put the price under negative pressure again.

The expected trading range for today is between 106.00 support and 108.00 resistance.

Expected trend for today: bullish.

Gold futures fell during the Asian session to witness their bounce for the sixth consecutive session from their highest since December 18, 2012 with the succession of the US dollar index bouncing to the sixth session from the lowest since September 27, 2018 according to the inverse relationship between them amid growing concerns From the global outbreak of the Corona virus.

This comes hours after the Bank of New Zealand suddenly cut interest by 75 basis points, and the Federal Reserve suddenly cut interest on federal funds by 100 basis points, bringing them back to their zero levels reached after the global financial crisis worsened for more than A decade and a half, I looked forward to the Bank of Japan meeting later in the day.

Other than that, we followed the Chinese economy, the largest consumer of metals globally, to disclose data on the industrial sector and retail sales in addition to labor market data, which reflected the worst performance of the industrial sector and retail sales in China and the high unemployment rates for them at all during the past month, and this comes on the cusp of developments And the expected economic data today, Monday, by the US economy, the largest economy in the world.

At exactly 03:59 AM GMT, gold price futures for April delivery decreased 1.11% to trade at $ 1,546.70 per ounce compared to the opening at $ 1,563.80 per ounce, knowing that the contracts started the trading session on an upward price gap after the week's trades were concluded The past at $ 1,516.70 an ounce, with the US dollar index rising 0.49% to 98.19 compared to the opening at 97.71.

The markets are currently looking to the decisions and directions of monetary policy makers at the Central Bank of Japan and the disclosure of the monetary policy statement of the Bank of Japan, which reflects the central bank’s provision of more flexibility and facilitation in monetary policy while remaining negative interest rates at 0.10%, before the launch of the press conference’s activities. It will be held by the Governor of the Bank of Japan in Tokyo.

This comes hours after the surprise meeting of the Reserve Bank of New Zealand in which monetary policy makers of the New Zealand Central Bank decided to cut interest rates by 75 basis points to 0.25% and keep them at this level, which is the lowest ever for a period of at least twelve months, While stating that in the event of further stimulus, the asset purchase program of government bonds would be preferred over another rate cut.

We also followed a short time ago, the surprising meeting of the Federal Reserve, which is the second in less than two weeks, which was also held on the 15th of this month after the previous sudden meeting on the 3rd of March in which the monetary policy makers of the Federal Reserve decided to return interest rates. The short-term benchmark is to zero levels reached in the wake of the worsening global financial crisis more than a decade ago.

The members of the Federal Open Market Committee reduced the interest on federal funds by 100 basis points to between zero levels and 0.25%, which they remained from 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points. The basis is between 1.00% and 1.25%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

The Federal Reserve monetary policy statement stated that the decision to reduce will be effective from Monday 16 March, and that the Federal Open Market Committee will carry out repurchases of treasury bonds with a minimum of $ 500 billion per month and mortgage-backed securities of $ 200 billion At least monthly, provided that these purchases are made at the appropriate speed to support the smooth performance of the stock market, treasury and mortgage markets.

The statement also stated that the forward and night repurchase agreements are being carried out to ensure that the supply of reserves remains ample and support the smooth performance of the US dollar financing markets in the short term, and this came an hour and a half before the press conference held by Federal Reserve Governor Jerome Powell and minutes before the conference The reporter was held by US President Donald Trump and his deputy Mike Pence, as well as members of the Corona Virus Team.

This has been noted by Federal Reserve Governor Powell a little while ago that the American economy is still growing despite rapid developments and that the Corona virus has a clear impact on the American economy and the world, pointing out that the repercussions of the virus will be clear in the short term and affect economic expectations, adding that the global economic weakness will be It has a negative impact on US exports.

Powell said that in light of these developments, the Federal Committee decided to cut interest to zero levels and that it is expected to remain until the confirmation of the end of risks and the return of the economy to moderate growth and achieve the optimal exploitation of the labor market and achieve the goal of inflation at 2%, adding that the Federal Reserve coordinates with major central banks such as The Bank of Canada, the Bank of Japan, and the Bank of England, and that the major banks have agreed to cut rates and that they will work to provide liquidity from the dollar.

Powell also stated that monetary policy in the United States was noticeably tightening it and that he did not think it would be appropriate to resort to negative interest in the United States, adding that monetary stimulus is required by the American administration, with his statement that the American banking sector is strong and has a lot of head Money and liquidity, and that the Federal Open Market Committee will not meet on March 17-18, as previously planned, and that meeting will be sufficient for it.

We would like to point out that the US President Trump welcomed the decisions of the Federal Committee a little while ago and his remarkable description. Otherwise, he states that the US administration announced last weekend a national emergency in the United States, which will save more than $ 50 immediately in disaster relief funds. And, as the Republican President Trump's administration also came up with a new legislation package that will provide support to American families and societies in dealing with the Corona virus.

We would like to point out that the forty-fifth Trump President recently criticized the performance of Federal Reserve Governor Powell, explaining that he believed that the Federal Committee would be and should be more proactive, adding that the United States has the number one currency in the world by an expanded difference and that the federal currency is strong To a large extent, he expressed that the dollar is strong and that the Federal Reserve is not doing what it should do.

In the same context, Trump noted that the interest on federal funds should not be higher than the competing countries for America, with his mention that the interest in Germany is basically below zero, it is negative, and that there are many countries with interest as negative as Japan and other countries, while his country pays Interest is higher, adding that what he wants is to refinance America's debt and that it is possible and easy at a lower price, expressing we have tremendous opportunities now, because Jerome Powell does not make it easy.

Otherwise, the markets are looking to the US economy, the world's largest industrialized country, to disclose industrial sector data with the release of the New York Industrial Index reading, which may reflect the shrinkage of the expansion to 5.1 compared to 12.9 in February, and this comes in conjunction with the activities of the Group of Seven summit (Canada, Italy France, Germany, Japan, the United Kingdom and the United States) will be established via satellite and will discuss measures to deal with the economic impact of the outbreak of the Coronavirus.

On the other hand, we followed a little while ago the National Bureau of Statistics of China revealed the annual reading of the retail sales index, which showed a 20.5% decline compared to an increase of 8.0% in January, worse than the expectations that indicated a 4.0% decline, as the annual reading of industrial production showed a decline 13.5% against a rise of 6.9%, also worse than expectations for a decline of 3.0%, while the reading of unemployment rates showed an increase to 6.2% compared to 5.2% in January

Technical analysis

Gold ended the trading session last Friday with a strong negative to settle without supporting the main bullish channel that appears in the picture, which turns the intraday and short-term path downward, on its way to head towards 1453.10 as a next major negative target.

SMA 50 supports the downside expectations, noting that a break of 1508.86 is required to confirm the continuation of the expected bearish trend, while a breakout of 1571.20 represents a positive factor that will stop the expected bearish direction and lead the price to restore the main bullish path again.

The expected trading range for today is between 1520.00 support and 1570.00 resistance.

Expected trend for today: bearish.