Analytic reviews

Google continues to move within the ascending channel after breaching support 1295.55.

The price continues to move within the ascending channel above SMA 50, which forms a support level and pressures it to rise.

Stochastic is in a downtrend towards oversold area and signals a continuation of the bearish correction to SMA 50.

The general direction of movement is:  Bullish.

Gold futures fluctuated in a narrow range that tended to decline during the Asian session to witness the bounce for the third session from the highest since November 22 last year with the positive stability of the US dollar index, indicating that the bounce for the second session from the lowest since 21 of the same month WASHINGTON - The US economy, the world's largest economy, is under pressure from investors on Tuesday, and in the shadow of investor pricing for the trade protectionism of President Donald Trump's administration.

At 04:58 AM GMT gold futures for February delivery fell 0.10% to trade at $ 1,466.60 an ounce compared with the opening at $ 1,468.00 an ounce, knowing that the contracts started the trading session on a falling price gap after yesterday's trading ended At $ 1,469.20 an ounce, with the US dollar index up 0.01% to 97.92 compared to the opening at 97.91.

Earlier this week, US President Donald Trump said his administration would impose tariffs on steel and aluminum imports from Brazil and Argentina, adding that the two countries had made a massive devaluation, which could adversely affect US farmers. Re-duties on imports of steel and aluminum from those countries.

On Monday, President Trump said he did not know that Wednesday's signing of a bill recently approved by the US Congress that would support protesters in Hong Kong could hinder the first US-China trade pact, while stressing that Beijing still wants A trade deal with Washington, "but we'll see what happens,"

In the same vein, US Secretary of Commerce Wilbur Ross noted yesterday that his country will increase customs duties by 15% on Chinese goods and goods worth $ 160 billion as previously approved by December 15, if the two parties do not reach a trade agreement, with He said that the trade deal should be good and that US President Trump will not sign a bad deal.

Yesterday, following remarks by US President Trump and US Secretary of Commerce Ross, White House chief adviser Killian Conway said it was possible to conclude a trade agreement with China before the end of this year, adding that the first phase of the trade agreement is currently being written. Chinese Foreign Ministry has imposed sanctions against the American human rights organization because of recent support for protesters in Hong Kong.

The Chinese Foreign Ministry also reported yesterday that Beijing decided to suspend US military planes and prevent them from entering Hong Kong's airspace for what is considered to be contrary to international laws. This came hours after the Global Times reported on Sunday that the Chinese government wants the US administration to backtrack on its imposition. Customs duties on Chinese goods and goods as part of the first phase of the forthcoming trade agreement between the two parties.

This comes in conjunction with the continuing unrest in Hong Kong and following the adoption of the US administration in Washington to support the protesters in Hong Kong, which China denounced at the end of last week clearly, as we followed last Friday the Chinese Foreign Ministry's statement that Beijing will take "strong countermeasures" Against Washington, hours after other statements by the ministry that Washington has "evil intentions."

Technical Analysis

Gold is trading around SMA 50, noting that the Stochastic is losing its positive momentum to move around overbought areas, awaiting the price to resume the expected bearishness over intraday basis, whose targets start with testing 1447.00.

Note that the continuation of the bearish correction depends on stability below 1489.00, where a breach of this level will lead the price to regain the main bullish path and achieve positive targets starting at 1535.00 then 1556.70, while breaking 1447.00 will extend the bearish wave to reach 1413.10 as the next target.

Expected trading range for today is between 1440.00 support and 1470.00 resistance.

Expected trend for today: Bearish.

The single currency fluctuated in a narrow range against the US dollar during the Asian session to rebound for the second session from its highest since November 21, when it tested its highest since the fifth of the same month against the US dollar on the eve of developments and economic data expected on Tuesday before Eurozone economies amidst tight economic data by the largest US economy in the world.

At 05:46 am GMT, EUR / USD fell 0.05% to 1.1074 levels from opening levels at 1.1079 after the pair reached a session low of 1.1071, while hitting a high of 1.1083.

Markets are looking ahead to the release of last month's treasury budget from France, the second largest economy in the euro zone, before Spain, the fourth largest economy in the region, releases the Unemployment Change, which may reflect slower growth to 75.2K versus 97.9K in October. Last October, the release of inflation data for the economies of the whole region with the release of the producer price index, which is a preliminary indicator of inflationary pressures that may show stability at zero levels versus 0.1% growth last September.

Technical Analysis

The EURUSD ended yesterday's trading above 1.1065, which stops the suggested negative scenario in our recent reports and leads the price to return to the bullish path again, on its way to achieve gains starting at 1.1105 and then 1.1180.

Therefore, the bullish trend is likely in the coming sessions supported by SMA 50, unless 1.1065 is broken and remains below it again.

Expected trading range for today is between 1.1000 support and 1.1160 resistance.

Expected trend for today: Bullish.

The Australian dollar fluctuated in a narrow range tilted to decline during the Asian session to witness the rebound for the second session from its highest since November 20 against the US dollar following the developments and economic data that followed on Tuesday on the Australian economy and on the threshold of the decisions of the Reserve Bank of Australia and amid tightness Economic data by the US economy the largest economy in the world.

At 02:04 AM GMT, the AUDUSD fell 0.03% to 0.6817 compared to the opening levels of 0.6819, after the pair reached its lowest level during the session at 0.6815, while achieving the highest at 0.6824.

The Australian economy followed the release of the current account reading which showed the surplus widened to A $ 7.9 billion compared to A $ 4.7 billion in the second quarter, beating expectations for a widening surplus to A $ 6.1 billion, while a net reading showed Exports of GDP slowed the pace of growth to 0.2% compared to the previous reading of the second quarter and expectations of 0.6%.

Otherwise, investors are now eyeing the outcome of RBA policymakers' decisions and with the release of the RBA Interest Rate Statement amid expectations that it will hold for the second consecutive meeting after being cut this year by 25bp three times to 0.75%. Ahead of Wednesday's release of the third quarter growth data, which may reflect a steady pace of 0.5% growth.

Technical Analysis

AUDUSD was supported by the bullish intraday channel shown above and rebounded significantly to attack 0.6840 and now move above it, signaling the direction of the pair for an expected bullish correction in the coming period, on its way to test 0.7015 initially.

Therefore, the bullish bias is expected for today, supported by the positive stochastic, with a break of 0.6755 that will stop the expected rally and press the price down again.

Expected trading range for today is between 0.6800 support and 0.6900 resistance.

Expected trend for today: Bullish.

On the weekly timeframe, the currency pair faced the upper limit of the descending price channel and the historical price pivot zone of 1.2942.

A bearish divergence formed on Awesome Oscillator (TF H4), and Stochastic Oscillator showed an exit from the overbought zone. The lower border of the upward price channel is broken. Breaking through the price pivot zone 1.2818 will result in the formation of a descending pattern 123.

Trading recommendations:

Sell strictly below 1.2818.

Stop Loss – 1.2942.

Target levels: 1.2700; 1.2500.

The pair is under pressure amid the falling demand for risk assets due to the escalating tensions between China and the US caused by the situation in Hong Kong, and the US uses this as leverage in trade talks.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is located below the level of 50% and is turning down. Stoch are moving upwards from oversold zone.

Trading recommendations:

The pair is balancing given the market feels about the US-China situation. If the conflict continues to escalate, expect the pair to resume dropping to 109.00 and then further down to 108.30. In the opposite scenario, a decrease in tension will support the pair and it will be able to continue recovering to 109.70.

The positive mood in the stock markets is fading. Investors believed that the issue of the US-China trade war is over, but recent events suggest otherwise.

Intel shares tested the April maximum in the range of 59 dollars. The support level of 57.38 holds back sellers. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator moving averages have left the overbought zone and are directed downwards.

Trading recommendations:

Sell Below 57.38.

A Stop Loss of 58.80.

Target levels: 55.60; 53.31.

Sber Bank stock was able to breach the support of 236.11 and hold below it, thus breaking the support level was confirmed. It reached the next support level of 231.74, which is near the 50% Fibonacci retracement level.

The price is moving downwards under the negative effect of moving averages 20-7 moving above the price while SMA 50 is still a support level.

Stochastic is moving sideways near oversold area so negative pressure will continue on the price to retest support and continue falling.

Overall trend: Bearish.

The US dollar fluctuated in a narrow uptrend range during the Asian session to witness the highest since May 30, when it tested the highest since 23 of the same month against the Japanese yen following the developments and economic data that followed from the Japanese economy, the world's third largest economy and on the threshold of developments. The economic data expected on Monday ahead of the US economy, the largest economy in the world.

At 06:19 am GMT, the dollar against the Japanese yen rose 0.12% to 109.64 levels compared to the opening levels at 109.51 after the pair achieved its highest in more than six feel at 109.73, while the lowest during the session at 109.48 .

On the other hand, the Japanese economy followed the release of the Capital Expenditure Index, which showed growth accelerated to 7.1% vs. 1.9% in the previous quarter, surpassing expectations for an acceleration of growth to 5.1%, while the reading of the same index excluding software showed a rise of 7.7%. Down from 1.7% in the second quarter.

This came before we saw the final reading of the manufacturing PMI by Markit of Japan, the third largest industrial country in the world, which showed contraction shrinking to 48.9 compared to the initial reading of last month and expectations at 48.6 and compared to 48.4 last October. Indication that the reading at 50 or higher reflects an expansion, while a lower than 50 indicates contraction.

On the other hand, investors are awaiting the US economy to reveal the final reading of the manufacturing PMI by Markit from the US which may reflect the stability of the expansion at 52.2, little changed from the initial reading of last month and against 51.3 in October. Before we saw the release of the construction spending index, which reflects the slowdown in growth to 0.3% compared to 0.5% last September.

This comes in conjunction with the revelation by the world's largest industrialized countries that the ISM reading could show contraction shrinking to 49.2 vs. 48.3 in October. Its value was 47.0 versus 45.5 in October.

Technical Analysis

The USDJPY has provided positive trading away from 109.33, reinforcing expectations for a bullish short-term trend to continue, with its next target at 110.50.

SMA 50 and Stochastic are providing positive signals that support the expected rise, which will remain valid unless 109.33 is broken and stability below it.

Expected trading range for today is between 109.00 support and 110.30 resistance.

Expected trend for today: Bullish.

Gold futures fluctuated in a narrow range tilted lower 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 followed during the weekend on China's economy, the largest consumer of metals in the world and on the eve of developments and economic data expected Monday The US economy is the largest in the world.

At 04:05 AM GMT gold futures for February delivery fell 0.37% to trade at $ 1,464.90 an ounce compared to the opening at $ 1,470.30 an ounce, knowing that the contracts started the session on a falling price gap after the close of the week And last month at $ 1,472.70 an ounce, with the US dollar index rose 0.05% to 98.32 compared to the opening at 98.28.

Last Saturday, the China Federation of Logistics and Purchasing (CFLP) revealed the readings of the manufacturing and service PMIs which reported that the industrial sector expanded to 50.2 versus a contraction of 49.3 in the previous reading last October, contrary to expectations that the contraction would shrink to 49.5. The services sector expanded to 54.4 from 52.8 in October, beating expectations of 53.1.

The Chinese government wants the US administration to drop tariffs on Chinese goods and commodities as part of the first phase of a trade agreement between the two parties as part of efforts to curb the growing trade war between the two largest economies, the Global Times reported Sunday. Two industrialized countries in the world that have passed their first year recently.

This came in conjunction with the continuing unrest in Hong Kong, and it is noteworthy that US President Donald Trump last Wednesday signed a bill to support protesters in Hong Kong, which China denounced last weekend, where we followed last Friday the Chinese Foreign Ministry's statements that Beijing will take "Strong countermeasures" against Washington, hours after other ministry statements that Washington had "evil intentions."

On the other hand, investors are awaiting the US economy to reveal the final reading of the manufacturing PMI by Markit from the US which may reflect the stability of the expansion at 52.2, little changed from the initial reading of last month and against 51.3 in October. Before we saw the release of the construction spending index, which reflects the slowdown in growth to 0.3% compared to 0.5% last September.

This comes in conjunction with the revelation by the world's largest industrialized countries that the ISM reading could show contraction shrinking to 49.2 vs. 48.3 in October. Its value was 47.0 versus 45.5 in October.

Technical Analysis

The price of gold has breached the resistance of the descending sub-channel, but starts today with a bearish slope on its way back to this channel, where the moving average formed 50 negative pressure against the price, noting that the stochastic is losing its positive momentum to reach overbought areas.

Therefore, these factors encourage us to favor the bearish bias for today, noting that our first target is at 1447.00, where breaking the impulse key towards 1413.10 as the next stop, while the overall bearish trend will remain intact unless breaching 1489.10 level and holding above it.

Expected trading range for today is between 1440.00 support and 1470.00 resistance.

Expected trend for today: Bearish.