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The stock signals overboughtness. The resistance level of 131.32 holds back buyers, Awesome Oscillator shows bearish divergence, and the Stochastic Oscillator  signals overboughtness. The pivot zone 128.83 holds back sellers.

Trading recommendations:

Sell Below 128.83.

Stop Loss at the resistance level 131.32.

Target levels - 124.12; 120.37; 117.00.

Gold futures fluctuated in a narrow range tilted to decline during the Asian session to witness the bounce for the second session from the highest since November 7 amid the dollar index rebound for the fourth session of its lowest since the fifth of this month according to the inverse relationship between them on the eve of developments and data In the shadow of the developments of the trade war between Washington and Beijing, which exceeded its first year recently.

Gold futures for December delivery fell 0.27% to trade at $ 1,471.10 an ounce compared with the opening at $ 1,475.10 an ounce, knowing that the contracts started the session on a bullish gap after the close of trading Yesterday at $ 1,474.20 an ounce, with the US dollar index up 0.03% to 97.89 compared to the opening at 97.86.

Investors in the US economy are awaiting the release of last week's claims on the 16th of this month, which may reflect a decline of 10K to 215K from 225K in the previous week. On the ninth of this month stabilized at 1,683 thousand applications.

This comes in conjunction with the disclosure by the largest industrial country in the world for the reading of the Philadelphia industrial index, which may reflect an expansion to 7.0 from 5.6 in October, before we see the release of housing market data with the release of the existing home sales index. That could show a rise of 2.1% to 5.49 million, compared to a decline of 2.2% at 5.2.2 million last September.

Markets from the world's largest economy are also looking to reveal the leading indicators that may show a 0.1% decline in October, following hours of the FOMC minutes from October 29-30. October, in which interest rates were cut for the third time in a row by 25 basis points to between 1.50% and 1.75%.

On the other hand, yesterday we followed the market's concern that the expected “first phase” trade deal between Washington and Beijing will not be signed this year, less than a month before the US administration expects to impose tariffs on Chinese goods and commodities. Especially after US President Donald Trump recently threatened to expand tariffs if his country did not reach an agreement with China.

We would like to point out that sources familiar with the bilateral talks between Washington and Beijing said they did not hope to reach a trade agreement this year and that the talks may be extended for next year, with US officials believe that the abolition of customs duties on Chinese goods may Discussions on intellectual property and technology transfer are not allowed, which is not a victory for US President Trump.

In the same vein, Reuters addressed the concerns of US trade negotiators about the reactions of the US president to any trade agreement may be reached, as he may object to the terms of the agreement at any time, while we would like to note, that US President Trump said yesterday that the trade talks China and China will continue and Beijing still wants to conclude the trade agreement, wondering whether he would like to conclude the deal.

Yesterday, we also followed the White House spokesman's assertion that trade negotiations with China are still in progress and that progress has been made towards the signing of the first phase of the trade agreement between the world's two largest economies. American company to supply some goods to the Chinese company Huawei.

Yesterday, Chinese Foreign Ministry spokesman Geng Shuang expressed his country's "condemnation and severity" of the bill known as the Human Rights and Democracy Act in Hong Kong, hours after the US Senate passed legislation supporting Hong Kong protesters. The bill is still before the House of Representatives for a vote before it is passed to US President Trump for approval.

Technical Analysis

The price of gold is fluctuating around the breached resistance of the descending channel, and we note that the Stochastic is starting to cross positively now, waiting for the price to stimulate the resumption of the bullish intraday direction, whose main target is at 1489.00.

Therefore, we will maintain our positive expectations unless 1470.00 is breached and hold below it, noting that the expected rally is temporary, and we await the resumption of the bearish corrective wave after achieving the mentioned target.

Expected trading range for today is between 1460.00 support and 1490.00 resistance.

Expected trend for today: Bullish.

The single currency fluctuated in a narrow, bullish range during the Asian session to see its fifth session rebound in six of its lowest since October 10 against the US dollar on the eve of economic developments and data expected on Thursday by euro zone economies and the US economy.

At 05:37 am GMT, the EURUSD rose 0.04% to 1.1077 levels from the opening levels of 1.1073, the pair's lowest level during the session, while the pair reached its highest at 1.1079.

Markets are looking to reveal the accounts of the ECB's monetary policy meeting held on 24 October, during which the ECB monetary policy makers kept interest rates at zero and marginal lending rates at 0.25% while maintaining the deposit rate. Negative -0.50%, following the deepening of its recent reduction with the announcement of the reactivation of the quantitative easing program.

This comes before we see the release of the Consumer Confidence Index for the region's economies as a whole, which may reflect a contraction in contraction to 7 versus 8 in October. Otherwise, we followed yesterday Charles Michel, president of the European Council chosen in July to succeed the current president. Donald Tusk, whose term expires next month, wants to maintain close ties between the EU and Britain after the latter leaves the EU.

On the other hand, investors are awaiting the US economy for the release of the index of claims for the last week on the 16th of this month, which may reflect a decline of 10 thousand applications to 215 thousand applications compared to 225 thousand applications in the previous weekly reading, while reading may show Investors for the week ending 9th of this month stabilized at 1,683 thousand applications.

This comes in conjunction with the disclosure by the largest industrial country in the world for the reading of the Philadelphia industrial index, which may reflect an expansion to 7.0 from 5.6 in October, before we see the release of housing market data with the release of the existing home sales index. That could show a rise of 2.1% to 5.49 million, compared to a decline of 2.2% at 5.2.2 million in September.

Markets from the world's largest economy are also looking to reveal the leading indicators that may show a 0.1% decline in October, following hours of the FOMC minutes from October 29-30. October, in which interest rates were cut for the third time in a row by 25 basis points to between 1.50% and 1.75%.

Technical Analysis

The EURUSD has held steady above 1.1065, and starts to provide positive trades in an attempt to move away from the mentioned level, where it receives a positive positive support from the EMA50, to keep the upside trend valid and active during the coming sessions, waiting to target 1.1105 then 1.1180 which represents Our main objectives are following.

Keep in mind that the breach of 1.1065 will put the price under the downside corrective pressure again, heading towards testing 1.0995 areas and then 1.0950 as the main negative targets.

Expected trading range for today is between 1.1000 support and 1.1180 resistance.

Expected trend for today: Bullish.

Cisco was able to breach the support level of 46.89 as it opened the week on a falling price gap.

Trading below the 61.8% Fibonacci retracement which is a key factor to start a bearish move below the moving averages 50 7--20 and stability below these averages will be a key factor to confirm the bearish move.

Stochastic has exited the oversold area in an attempt to start an uptrend thus pushing the price higher.

The general direction of the movement: Bearish.

AUDUSD continues to fluctuate in a tight path and is moving at the intraday support line shown, waiting for a negative incentive to push the price to continue falling, to continue to favor the bearish trend over the coming sessions provided that we hold below 0.6840, noting that our awaited targets start at 0.6725. It extends to 0.6670.

Expected trading range for today is between 0.6740 support and 0.6840 resistance.

Expected trend for today: Bearish.

The pair is trading in the range 1.1055-1.1085 in anticipation of the minutes of the latest Fed’s monetary policy meeting, along with a speech by the ECB head Christine Lagarde to be delivered this Friday at the economic forum in Frankfurt. Expect the pair to move in this range. 

The price is above the middle line Bollinger indicator, at the level of SMA 5 and SMA 14. RSI is located above the level of 50% and gradually decreases. Stoch demonstrate the probability of a price reversal. 

Trading recommendations: 
The ECB meeting minutes may bring the price down to 1.1055 with a likely further consolidation in the range of 1.1055–1.1085.

The resistance level of 1.1091 continues to hold back buyers. The upward corrective pattern has ended. The breakout of 1.1052 will result in the formation of a descending pattern within the wave (C) of the descending pattern of the D1 level. The Stochastic Oscillator indicator signals overboughtness. Since the swap for sale is positive (the lower indicator), the medium-term transaction will not damage the deposit, but increase the potential profit. 

Trading recommendations:

Sell Below 1.1052.

Stop Loss – 1.1091.

Target levels - 1.1000 (trap for pros + round important level); 1.0945 (level 123.6% on Fibo from A D1).

When buying an option against the trend, it is necessary to confirm other instruments of technical analysis - the presence of divergence, candlestick reversal patterns. Buy against trend strictly on level retest! 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 resistance level of 58.77 continues to hold back buyers. A bearish divergence has formed on the Awesome Oscillator indicator, and the Stochastic Oscillator indicates high overboughtness. 

Trading recommendations:

Sell at the breakout of the pivot zone 57.38.

A Stop Loss of 58.77.

Target levels - 55.60; 53.31.

Reversing price pivot level of 1.4710 holds back buyers.A retest of the lower border of the ascending price channel and a test of the upper border of the descending price channel are forming.

The Inside Bar pattern is formed on the H4 timeframe. Also, the stochastic Oscillator indicator signals overboughtness.

Trading recommendations:

Sell strictly lower 1.4698.

Stop Loss - 1.4713.

Target levels - 1.4654; 1.4600; 1.4564.