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Gold price futures fluctuated in a narrow range that tilted toward a decline during the Asian session amid the rise of the US dollar index according to the inverse relationship between them after the developments and economic data that were reported by the Chinese economy as the largest consumer of metals globally and on the cusp of developments and economic data expected on Friday by the American economy the largest economy In the world and in the midst of the aspiration for Britain to officially exit the European Union today.

At exactly 04:21 AM GMT, gold price futures for April delivery decreased 0.13% to trade at $ 1,576.30 per ounce compared to the opening at $ 1,576.30 per ounce, knowing that the contracts started the session’s trading on a falling price gap after it concluded yesterday's trading At $ 1,589.20 an ounce, with the US dollar index rising 0.06% to 97.92 compared to the opening at 97.86.

We have just followed the CFLP unveiled the Industrial Purchasing Managers' Index (PMI) reading, which showed a shrinkage in value to 50.0 compared to 50.2 last December, worse than expectations that indicated a shrinkage in breadth to 50.1, while an indicator reading showed Service Purchasing Managers widened to 54.1 from 53.5 in December, contrary to expectations that expansion to 53.1.

This came in conjunction with the continuation of the Lunar New Year holiday in China, which was extended by three days to the second of February next, amid efforts to limit the spread of the Corona virus, which stimulated in one way or another the risk appetite of investors and heavier followers on gold prices as a haven It is safe, especially that the Chinese data did not reflect the industrial sector's significant impact from the coronavirus, as well as the expansion of the service sector.

It is reported that the World Health Organization announced yesterday an international health emergency due to the rapid outbreak of the Corona virus, which requires more efforts to contain and combat that virus that started in Wuhan, China, which has killed more than 204 people in China so far, in addition to about ten Thousands of people infected in successive shadows Many countries have reported cases of HIV infection.

On the other hand, investors are currently awaiting by the US economy to disclose spending and personal income data, which may reflect a slowdown in personal spending growth to 0.3% versus 0.4% last November, and a slowdown in personal income growth to 0.3% compared to 0.5% in August November, while a reading of the core personal consumption expenditures index may show the stability of the pace of growth in December at 0.1%.

This comes in conjunction with the disclosure of the unit labor cost index reading, which may reflect the stability of growth at 0.7%, little changed from what it was in the third quarter, and before we witness the disclosure of industrial bottom data for the largest industrial country in the world with the release of the Chicago PMI reading Which may reflect the stability of the contraction at 48.9, little changed from last December.

To reveal the final reading of the University of Michigan's index of consumer confidence, which may show the stability of the expansion at 99.1 unchanged from the initial reading of the previous month this month and against 99.3 in December, and this comes hours after the Federal Open Market Committee meeting, which approved the monetary policy makers The Federal Reserve has cut interest rates for the third consecutive meeting by 25 basis points, between 1.50% and 1.75%.

It is noteworthy that the Federal Reserve Governor Jerome Powell stated last Wednesday during the press conference held after the meeting of the Federal Committee, that the decisions of the committee depend on the economic data received, while touching that in the event of continued inflation rates below the goal of the Federal Reserve, this may lead to this. To reduce inflation expectations and thus reduce interest, adding that inflation is expected to reach the target within the next three months.

Technical analysis

The gold price faced a noticeable negative pressure yesterday evening to break the level of 1575.90 and settle below it, which provides signals on the price trend to return to the downward corrective track, especially since there are features of a double top pattern on the intraday timeframes.

On the other hand, SMA 50 provides positive support for the price, along with the stochastic indicator reaching oversold areas, which supports the chances of the continuation of the movement within the bullish channel that appears in the picture.

Consequently, this conflict between technical factors makes us prefer stopping on neutrality until we get a clearer signal for the next direction, while noting that a break of 1575.90 and holding above it again will lead the price to resume the main bullish trend whose next target is located at 1611.20, while breaking 1563.35 will complete the formation The mentioned negative pattern and presses the price to achieve negative targets that start at 1554.10 and extend to 1536.50.

The expected trading range for today is between 1555.00 support and 1590.00 resistance.

Expected trend for today: It depends on the levels mentioned in the report.

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session, to witness its bounce to the second session from the lowest since January 8, when it tested the lowest since October 10 against the Japanese yen after the developments and economic data that it followed on the Japanese economy. On the cusp of developments and economic data expected today, Friday, by the US economy, the largest economy in the world.

At exactly 06:08 AM GMT, the US dollar pair rose against the Japanese yen by 0.08% to 109.05 levels, compared to the opening levels at 108.96, after achieving its highest level during the trading session at 109.14, while achieving the lowest at 108.88.

On the Japanese economy, we followed the disclosure of inflation data with the release of the annual reading of the Tokyo consumer price index, which showed slowing growth to 0.6% compared to 0.9% last December, worse than expectations at 0.7%, as indicated by the fundamental annual reading of the same index, which Excluding fresh food, the growth slowed to 0.7% compared to the previous yearly reading and expectations at 0.8%.

This came in conjunction with the release of the unemployment rate index, which showed stability at 2.2% in December, contrary to expectations that indicated an increase to 2.3%, and before we witness the annual reading of the retail sales index showed a decline in 2.6% compared to 2.6% in November. / November, worse than expectations, which indicated a decline to 1.7%.

Up to the disclosure by the second largest economies of Asia and the third largest economy and industrialized country in the world of industrial sector data with the release of the first reading of industrial production, which showed a rise of 1.3% against a decline of 1.0% in November, exceeding expectations that indicated a rise of 0.7%, While the annual reading of the same index showed that the decline decreased to 3.0% compared to 8.2%, agreeing with expectations that indicated a decrease in the decline to 3.6%.

On the other hand, investors are currently awaiting by the US economy to disclose spending and personal income data, which may reflect a slowdown in personal spending growth to 0.3% versus 0.4% last November, and a slowdown in personal income growth to 0.3% compared to 0.5% in August November, while a reading of the core personal consumption expenditures index may show the stability of the pace of growth in December at 0.1%.

This comes in conjunction with the disclosure of the unit labor cost index reading, which may reflect the stability of growth at 0.7%, little changed from what it was in the third quarter, and before we witness the disclosure of industrial bottom data for the largest industrial country in the world with the release of the Chicago PMI reading Which may reflect the stability of the contraction at 48.9, little changed from last December.

To reveal the final reading of the University of Michigan's index of consumer confidence, which may show the stability of the expansion at 99.1 unchanged from the initial reading of the previous month this month and against 99.3 in December, and this comes hours after the Federal Open Market Committee meeting, which approved the monetary policy makers The Federal Reserve has cut interest rates for the third consecutive meeting by 25 basis points, between 1.50% and 1.75%.

Technical analysis

The dollar against the yen touched the support of the bullish channel and bounced up to approach the pivotal resistance 109.33, noting that SMA 50 continues to press negatively on the price, while the stochastic indicator is losing its positive momentum significantly.

Consequently, these factors encourage us to continue to suggest the bearish trend for the upcoming period, which initially targets 108.40, while noting that the expected expected decline requires stability below 109.33.

The expected trading range for today is between 108.40 support and 109.60 resistance.

Expected trend for today: bearish.

When buying an option against a 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 pair is consolidating at 1.1020 in anticipation of the eurozone consumer inflation data whose monthly value is expected to decrease. If this is confirmed, the pair will continue to drop, but if inflation grows, it will lead to a local price increase.

The price is above the middle Bollinger band, below SMA 5, but above SMA 14. RSI is below the 50% level and is declining. Stoch are dropping also down.

Trading recommendations:

Sell the pair amid weak inflation data with a likely decline to 1.0980. At the same time, positive values will lead to an increase in the pair to 1.1065.

The formed gap tested the historical level of 207.30. The overall trend remains upward. The stock is trading in the range of the lower border of the ascending price channel. The resistance level of 211.50 holds back buyers.

Trading recommendations:

Buy above 211.50.

Stop loss under the price pivot zone 207.30.

Target levels: 215.85; 222.30.

The overall trend is downward. The assumed correction tested the price pivot zone of 1.1039 and ended with a breakout of the inclined channel. Stochastic Oscillator indicator signals overboughtness. Sell the pair while descending wave pattern is forming.

Trading recommendations:

Sell while the descending pattern is forming (you need to get a correction wave, hen sell as the wave (aC) is breached).

Stop loss for the prive pivot zone 1.1039.

Target levels: 1.1000; 1.0950

The Australian dollar versus the US dollar resumes its negative trading to approach the 0.6700 barrier, to keep the downtrend valid and active on the intraday and short term, supported by the negative pressure formed by the EMA50, while recalling that our expected target is at 0.6670, while achieving it requires stability below 0.6815.

The expected trading range for today is between 0.6670 support and 0.6770 resistance.

Expected trend for today: bearish.

Cisco stock fell below the 49.05 support level and continued to decline to the next support level 49.89 as the movement stabilized at this level near the 61.8% Fibonacci retracement.

The stock is currently moving below the moving averages 7-20, which have become resistances against the price, while the EMA50 remains a support level for it.

The stochastic oscillator has gone out of the overbought zone on a downside path, and approached the oversold zone thus negatively affecting the price, pushing it down and breaching the first support.

The general direction of movement: neutral.

The single currency fluctuated the euro in a narrow range tilted to the upside during the Asian session to witness its bounce for the second session from the lowest since November 29, when it tested the lowest since October 10 against the US dollar on the cusp 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 05:21 am GMT, the euro pair rose against the US dollar by 0.15% to 1.1015 levels compared to the opening levels at 1.1010, after the pair achieved its highest level during the trading session at 1.1008, while achieving the lowest at 1.1018.

Markets are currently looking to Germany, the largest economy in the eurozone, to disclose the preliminary reading of the consumer price index, which may reflect a 0.6% contraction versus 0.5% growth last November, before we also witness from Germany the release of the unemployment change index, which may It reflects a rise of 5 thousand compared to a rise of 8 thousand in the previous reading of last December.

This comes before we witness from Italy, the third largest economy in the region, the release of the unemployment rate reading, which may appear stable at 9.7%, little changed from the previous reading in November, until the release of the unemployment rate reading for the euro area as a whole, which may also indicate stability at 7.5 % During November,

On the other hand, investors are currently looking for the US economy to disclose the initial reading of the GDP of the United States for the fourth quarter, which may show the stability of the pace of growth for the largest economy in the world at 2.1%, little changed from what it was in the third quarter, as it may reflect The initial reading of the GDP measured by prices for the past quarterly quarter, the stability of the pace of growth at 1.8%, also remained unchanged from the third quarter.

This comes in conjunction with the issuance of the index of subsidy requests for the last week on January 25th, which may reflect an increase of 4 thousand applications to 215 thousand applications, and hours after members of the Federal Open Market Committee unanimously approved to stay short-term reference interest rates between 1.50% and 1.75% for the third consecutive meeting during the Federal Commission meeting held on January 28-29 in Washington.

In the same vein, we followed yesterday, Federal Reserve Governor Jerome Powell stated during his press conference following the Federal Committee meeting, that the decisions of the committee depend on the economic data received, while touching that if inflation rates continue to fall below the Federal Reserve’s goal, then that This could lead to lowering inflation expectations and thus lowering interest, adding that inflation is expected to reach the target within the next three months.

Powell noted that the Federal Reserve is seeking to avoid stabilizing inflation below the target of two percent, while stating that there will be slight adjustments to the mandatory reserve surplus and that the general budget will continue to expand over time, adding that the Federal Reserve expects support from repurchases next April. , And he pointed out that it is unfortunate that the spread of the Corona virus and that it is expected to have a negative impact on the Chinese economy.

Powell also expressed the fact that the Federal Reserve is closely monitoring the situation regarding the spread of the Corona virus and its impact on the economy, while stating that there are some cautious optimism about the global economy, pointing out that financial conditions are improving and trade tensions have declined, indicating that his country signed with China for the first stage of the trade agreement. Between the two parties, this is in addition to the decrease in the chances of Britain leaving without an agreement from the European Union, which contributes to supporting the positive expectations.

Technical analysis

The euro against the dollar pair offers slight positive trades after approaching a few points difference from our first awaited target at 1.0985, where the price is affected by the positivity of the stochastic indicator, while the moving average 50 continues to press negatively on the price, to support the chances of resuming the expected bearish direction for the next period, whose next target exists At 1.0880.

We point out that the negative effect of the head and shoulders pattern is still effective, while a break of 1.1085 is a positive factor that will stop the current negative pressure and lead the price to restore the bullish track again.

The expected trading range for today is between 1.0940 support and 1.1085 resistance.

Expected trend for today: bearish.

Gold price futures fluctuated in a narrow range tilted to the upside during the Asian session amid the US dollar index rebounding for the second session from the top since December 2, according to the inverse relationship between them on the cusp of developments and economic data expected on Thursday by the American economy, the largest economy in The world is in the shadow of concern about the high number of corona virus victims.

At exactly 04:29 AM GMT, gold price futures for February delivery rose 0.15% to trade at $ 1,584.80 per ounce compared to the opening at $ 1,582.40 per ounce, knowing that the contracts started the trading session on an upward price gap after it concluded yesterday's trading At $ 1,576.00 an ounce, with the US dollar index down 0.01% to 98.00 compared to the opening at 98.01.

Investors are currently looking for the US economy to disclose the initial reading of the GDP of the United States for the fourth quarter, which may show the stability of the pace of growth for the largest economy in the world at 2.1%, little changed from what it was in the third quarter, as it may reflect the initial reading of the product Gross domestic price measured by the price for the past quarterly quarter, the pace of growth at 1.8% has also stabilized, with little change from the third quarter.

This comes in conjunction with the issuance of the index of aid requests for the last week on January 25th, which may reflect an increase of 4 thousand requests to 215 thousand applications, and hours after the members of the Federal Open Market Committee unanimously acknowledge the short-term reference interest rates between 1.50% and 1.75% for the third consecutive meeting during the Federal Commission meeting held on January 28-29 in Washington.

In the same vein, we followed yesterday, Federal Reserve Governor Jerome Powell stated during his press conference following the Federal Committee meeting, that the decisions of the committee depend on the economic data received, while touching that if inflation rates continue to fall below the Federal Reserve’s goal, then that This could lead to lowering inflation expectations and thus lowering interest, adding that inflation is expected to reach the target within the next three months.

Powell noted that the Federal Reserve is seeking to avoid stabilizing inflation below the target of two percent, while stating that there will be slight adjustments to the mandatory reserve surplus and that the general budget will continue to expand over time, adding that the Federal Reserve expects support from repurchases next April. , And he pointed out that it is unfortunate that the spread of the Corona virus and that it is expected to have a negative impact on the Chinese economy.

Powell also expressed the fact that the Federal Reserve is closely monitoring the situation regarding the spread of the Corona virus and its impact on the economy, while stating that there are some cautious optimism about the global economy, pointing out that financial conditions are improving and trade tensions have declined, indicating that his country signed with China for the first stage of the trade agreement. Between the two parties, this is in addition to the decrease in the chances of Britain leaving without an agreement from the European Union, which contributes to supporting the positive expectations.

Technical analysis

Gold price bounced up yesterday after building on SMA 50, to breach 1575.90 level and close the daily candle above it, which stops the intraday negative scenario and leads the price to return to the bullish direction again, on its way to achieving positive goals starting at 1611.20.

Thus, the bullish bias will be likely for today, noting that breaking 1575.90 and holding below it again will press the price to drop towards 1562.00 then 1554.10 before any new attempt to rise.

The expected trading range for today is between 1570.00 support and 1595.00 resistance.

Expected trend for today: bullish.