Analytic reviews

Gold price futures fluctuated in a narrow range tilted to the upside during the Asian session to witness its stability near the top since late October last, continuing its weekly gains for the fourth week in a row with the US dollar index rebounding for the fifth session in six sessions from the top since the sixth of December, according to the inverse relationship between them, on the cusp of developments and economic data expected today Monday by the US economy, the largest economy in the world.

At exactly 04:34 AM GMT, gold price futures for February delivery rose 0.15% to trade at $ 1,518.10 per ounce compared to the opening at $ 1,515.90 per ounce, knowing that the contracts started the session’s trading on a falling price gap after the week’s transactions ended The past at $ 1,518.10 an ounce, with the US dollar index down 0.19% to 96.82 compared to the opening at 97.00.

Investors are currently looking for the US economy to release the merchandise trade balance index, which may explain the widening deficit to $ 69.2 billion, compared to $ 66.8 billion last October, before we witness the preliminary reading of the wholesale inventory index, which may reflect accelerated growth. To 0.2%, compared to 0.1% in October.

This comes before we witness the revelation of the reading of the Chicago PMI reading, which may reflect a contraction of deflation to 48.2 compared to 46.3 last November, up to the disclosure of housing market data with the release of existing home sales, which may show an increase of 1.5% compared to It fell 1.7% in October, while the annual reading of the same indicator may show that growth accelerated to 7.4% compared to 3.9%.

It is noteworthy that gold futures contracts last week reflected their best weekly performance since the beginning of August, at which time they rose by more than two percent, condoning the success of the achievement of most global stock indices, especially the American levels, in new levels, in the wake of the expansion of the major global central banks in the facilitation policies. Monetary and quantitative easing, including rate cuts, in addition to optimism that Washington and Beijing are about to sign next month’s agreement for the first stage as part of efforts to resolve trade disputes between them.

Technical analysis

Gold price shows more sideways trading, and gets continuous positive support from the EMA50, while stochastic starts to cross positively now.

Consequently, we believe that opportunities are available to resume the bullish trend during the upcoming sessions, targeting mainly the level of 1556.70, while noting the importance of holding above 1489.00 for the continuation of the suggested rise.

The expected trading range for today is between 1505.00 support and 1530.00 resistance.

Expected trend for today: bullish.

The euro currency fluctuated in a narrow range tilted to the upside during the Asian session to witness its highest since August 13 against the US dollar amid the scarcity of economic data at the beginning of this week by the economies of the euro area and on the cusp of developments and economic data expected today Monday by the American economy The largest economy in the world.

At 05:29 am GMT, the euro pair rose against the US dollar by 0.18% to 1.1199 levels, compared to the opening levels at 1.1179, after the pair achieved its highest level in four months at 1.1211, while achieving the lowest during the trading session at 1.1171 , Knowing that the pair started the trading session on an upward price gap after it concluded the trading last week at 1.1179 levels.

Investors are currently looking for the US economy to release the merchandise trade balance index, which may explain the widening deficit to $ 69.2 billion, compared to $ 66.8 billion last October, before we witness the preliminary reading of the wholesale inventory index, which may reflect accelerated growth. To 0.2%, compared to 0.1% in October.

This comes before we witness the revelation of the reading of the Chicago PMI reading, which may reflect a contraction of deflation to 48.2 compared to 46.3 last November, up to the disclosure of housing market data with the release of existing home sales, which may show an increase of 1.5% compared to It fell 1.7% in October, while the annual reading of the same indicator may show that growth accelerated to 7.4% compared to 3.9%.

Technical analysis

The euro against the dollar pair begins the week's trading with a new rise to exceed our first target 1.1180 and opens the way for heading towards our next target, which is located at 1.1280, reinforcing expectations of the continuation of the bullish trend during the coming period, which is organized within the upward channels that appear in the picture.

Consequently, we are awaiting a further increase in the intraday and short term, noting that exceeding the awaited target will extend the upside wave to reach 1.1418, while the rise will remain valid for the day provided stability above 1.1180, as its break will pressure the price to test 1.1100 areas initially before any attempt New to rise.

The expected trading range for today is between 1.1120 support and 1.1280 resistance.

The Australian dollar versus the US dollar shows additional positive trades to reach the outskirts of our main target at 0.7015, which represents the 23.6% Fibonacci retracement level of the depreciation that appears in the picture, noting that exceeding the bullish sub-channel resistance provides signals on the price trend to achieve more gains during The coming period, when breaching the mentioned level represents the key to the ascending wave reaching 0.7230.

Thus, we expect the bullish trend to continue in the intraday and short term, taking into consideration that failure to achieve the required breach will stop the suggested rise and put pressure on the price to turn down.

The expected trading range for today is between 0.6950 support and 0.7040 resistance.

Expected trend for today: bullish.

Gold prices didn’t pass 1515.00. The planned meeting between Donald Trump and Xi Jinping next week may put pressure on the gold prices.

The price is above the middle Bollinger band, below SMA 5, but above SMA 14. RSI is out of the overbought zone and suggests selling. Stoch have already left the overbought zone and are declining.

Trading recommendations:

Sell gold with local targets 1500.00 and 1491.00.

The US dollar fluctuated in a narrow range slanting back down during the Asian session to witness its bounce for the second session from the top since December 19, while it is still in the process of its third weekly gain against the Japanese yen after the developments and economic data that it followed from the Japanese economy, the third largest economy In the world, amid the scarcity of economic data today, Friday, by the US economy, the largest economy in the world.

At exactly 05:51 am GMT, the US dollar pair declined against the Japanese yen by 0.13% to 109.49 levels compared to the opening levels at 109.63, which is the highest level for the husband during the trading session, while the pair achieved the lowest during the trading session at 109.43.

We have followed on from the Japanese economy to disclose inflation data with the release of the annual reading of the Tokyo CPI, which showed accelerated growth to 0.9%, in line with expectations, compared to 0.8% in the previous annual reading of last November, as indicated by the fundamental annual reading of the same index, which Excluding fresh food, the growth accelerated to 0.8% compared to the previous yearly reading and expectations at 0.6%.

In the same context, the core annual reading of the Tokyo consumer price index excluding fresh food and energy showed that growth accelerated to 0.9% compared to the previous annual reading for November and expectations at 0.7%, and this came in conjunction with the release of the unemployment rate index, which indicated a decline to 2.2 % Compared to the previous reading of last October and expectations at 2.4%.

This came before we witnessed the Bank of Japan's unveiling of the summary report of opinions and the release of the seasonally adjusted reading of the retail sales index, which showed a rise of 4.5% compared to a decline of 14.2% in the previous reading for the month of October, without expectations that indicated an increase of 5.0%, while the annual reading of the index indicated The same decline declined to 2.1% compared to 7.0% in the previous annual reading, worse than expectations that indicated the decline to decline to 1.7%.

We also followed about the second largest industrialized country in Asia and the third largest industrialized country in the world, revealing the initial reading of industrial production, which showed a decline in the decline to 0.9% compared to 4.5% in October, exceeding expectations that indicated a decrease in the decline to 1.1%, while it clarified The annualized reading of the same index expanded to 8.1%, in line with expectations, compared to 7.7% in the previous annual reading.

Technical analysis

The dollar versus yen pair shows some slight bearish tendency now to approach the test of 109.33 level, and as long as the price is above this level, our expectations for the upward trend will remain, supported by the moving average 50, waiting for the visit of the 110.50 level as the next main station, noting that the break of 109.33 will stop The expected rise and presses the price to fall again.

The expected trading range for today is between 108.80 support and 110.00 resistance.

Expected trend for today: bullish.

Gold price futures fluctuated in a narrow range tilted to the upside during the Asian session to witness the highest since the beginning of last November and to promise about its third weekly gains in a row with the dollar index rebounding for the fourth session in five sessions from its highest since the sixth of December / This December, according to the inverse relationship between them, amid the scarcity of economic data today, Friday, by the US economy, the largest economy in the world, and with market pricing developments of the first stage agreement between Washington and Beijing.

At exactly 04:07 AM GMT, gold price futures for February delivery rose 0.10% to trade at $ 1,518.00 per ounce compared to the opening at $ 1,516.50 per ounce, knowing that the contracts started the trading session on an upward price gap after it concluded yesterday's trading At $ 1,514.40 an ounce, with the dollar index down 0.11% to 97.43 compared to the opening at 97.54.

The financial markets are witnessing relatively volatile trading during the current week that carried Christmas holidays with weak liquidity levels in the financial markets, while attention is being paid to the developments of the first phase agreement between the United States and China, the largest global consumer of metals, which was reached in the middle of this month and is expected To be signed early next year 2020.

We would like to point out, because the Chinese Ministry of Commerce announced Thursday that Beijing and Washington are in close contact regarding the signing of the first stage of the trade agreement, with the ministry reporting that the two parties are still discussing the necessary measures before signing it, and this came hours after the Chinese Foreign Ministry spokesman Last Wednesday, his country and the United States were in close contact for the time being, including representatives of the two parties on the economic and commercial side, and they are working to agree on arrangements for signing the first-stage agreement.

Technical analysis

Gold price shows more bullish tendency to move away from the $ 1500.00 barrier, reinforcing expectations to continue the rise in the intraday and short term, pending the visit of the previously recorded summit at 1556.70 as the next major station.

SMA 50 supports the suggested bullish wave, which will remain valid and active unless 1489.00 level is broken and stability below it.

The expected trading range for today is between 1500.00 support and 1530.00 resistance.

Expected trend for today: bullish.

The euro currency fluctuated in a narrow range tilted to the upside during the Asian session to promise to resume its weekly gains, which were suspended last week for the first time in three weeks against the US dollar on the threshold of the European Central Bank's disclosure of the monthly report of the European Central Bank amid the scarcity of economic data on Friday by the economy The American is the largest economy in the world.

At 05:20 am GMT, the euro pair rose against the US dollar by 0.21% to 1.1121 levels, compared to the opening levels at 1.1098, after the pair achieved its highest level during the trading session at 1.1122, while achieving the lowest at 1.1096.

The financial markets are witnessing relatively volatile trading during the current week that carried Christmas holidays with weak liquidity levels in financial markets, while attention is being paid to the developments of measures to isolate US President Donald Trump, which may harm or question the deals and agreements reached by his administration with other countries. And, in addition to looking forward to the developments of Britain's exit file from the European Union.

Technical analysis

The euro against the dollar pair opens today's trading with a positive note to penetrate the level of 1.1108 and settle above it, which supports the continuation of our expectations for the bullish trend effectively for the coming period, paving the way for achieving our positive goals that start at 1.1180 and extend to 1.1280 after penetrating the previous level.

Moving above SMA 50 supports the expected rise, which will remain intact, provided stability above 1.1030 level.

The expected trading range for today is between 1.1065 support and 1.1200 resistance.

Expected trend for today: bullish.

When buying an option against the trend, confirmation of other technical analysis tools is mandatory - the presence of divergence, candlestick reversal patterns. Buying against the trend strictly at 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 tools of technical and fundamental analysis.

The Australian dollar versus the US dollar pair shows more bullish tendency to gradually crawl towards our main awaited target at 0.7015, which represents the 23.6% Fibonacci retracement level for the decline from 0.8135 to 0.6669, which means that breaching this level will extend the correctional bullish wave to reach 0.7229 in the short term.

SMA 50 continues to support the price from below, to keep our bullish expectations, provided that the price maintains its stability above 0.6780.

The expected trading range for today is between 0.6900 support and 0.7015 resistance.

Expected trend for today: bullish.

The general trend on the H1 timeframe is downward. The stock is trading in the range of 150 and 365 moving averages. A bearish divergence has formed on the MACD indicator, and the Stochastic Oscillator indicator showed an exit from the overbought zone.

Trading recommendations:

Sell below 219.00.

Stop loss - 222.00.

Target levels - 215.20; 211.00.