Analytic reviews

Gold futures fluctuated in a narrow upward range to witness the bounce for the second session of the lowest since August 5, ignoring the rebound of the dollar index for the sixth session of the lowest since the ninth of the same month according to the inverse relationship between them after the developments and economic data that followed China's economy is the world's largest consumer of metals, on the threshold of economic developments and data expected on Friday by the US economy and in the shadow of market pricing of trade developments between Washington and Beijing.

Gold futures for December delivery rose 0.1% to trade at $ 1,470.10 an ounce compared to the opening at $ 1,468.13 an ounce, shrugging off the dollar index 0.01% to 98.15 compared to the opening at 98.14.

China's General Administration of Customs (CGAC) released the Trade Balance Index, which showed the surplus widened to 301 billion yuan ($ 42.8 billion) from 275 billion yuan ($ 39.7 billion) in September. The forecast showed that the surplus widened to 287 billion yuan ($ 40.6 billion), with exports and imports shrinking more than expected last month.

On the other hand, investors are looking forward to the outcome of the FOMC member and the Chairman of the Federal Reserve Bank of New York, John Williams, about the weaknesses in the global financial system during a dinner in New York, and that comes before we see another Fed committee member, the Deputy Governor of the Federal Reserve. Concluding Remarks of the San Francisco Fed Research Conference.

Investors are also awaiting the US economy's final wholesale inventories figure, which could show a 0.3% decline, unchanged from the preliminary September reading and a 0.2% rise in August, coinciding with the release of the University of Michigan's preliminary reading of confidence. Consumers may reflect an expansion to 96.0 vs. 95.5 last October.

On Thursday, Chinese Foreign Ministry spokesman Gao Feng said that Beijing and Washington agreed to eliminate tariffs on each other's goods at the same time. According to Chinese state media, constructive negotiations have taken place over the past two weeks.

A US official also confirmed that both the United States and China had agreed to abolish tariffs, adding that the planned plan faces fierce domestic opposition in the White House, according to a Reuters report, hours after the report touched on Tuesday to postpone. Preliminary US-China trade agreement signed next month.

It is noteworthy that some of the report recently touched on the fact that the upcoming meeting between US President Donald Trump and his Chinese counterpart Xi Jinping to sign an interim trade agreement, may be postponed to December amid the US and China discussion of the terms of the agreement and where the two presidents will gather, knowing that Among the various proposals are their meeting to sign the agreement after the meeting of the North Atlantic Treaty Organization scheduled for early next month.

Technical Analysis

Gold is trading strongly negative to move away from the level of 1489.00, which supports the continuation of our expectations for a bearish trend in the intraday and short term, and the way is open to achieve our first target expected at 1447.00, noting that breaking this level will push the price to 1413.10 as the next corrective target.

Therefore, the negative scenario will remain dominant during the coming sessions unless the price pushes to breach the 1489.00 level and hold above it.

Expected trading range for today is between 1447.00 support and 1480.00 resistance.

Expected trend for today: Bearish.

The single currency fluctuated in a narrow, bullish range during the Asian session to see its rebound to the second session since October 16 against the dollar on the eve of developments and economic data expected on Friday by the euro zone economies and the US economy, the largest economy in the world, which includes FOMC members talk.

At 05:34 am GMT, the EURUSD rose 0.01% to 1.1051 levels compared to the opening at 1.1050, after the pair reached its highest level during the session at 1.1054, while the pair achieved the lowest at 1.1046.

Markets are currently looking ahead to the euro zone's largest economy, Germany, to reveal the current account reading, which could reflect a widening surplus to 19.1 billion euros from 16.9 billion euros in August, coinciding with the release of the trade balance which may also show the widening of the surplus to 19.3 billion euros against 18.1 billion euros in August, amid expectations of higher exports and steady imports at zero levels in September.

This comes before the second largest economy in the Eurozone, which is expected to show a 0.4% rise in industrial production compared to a decline of 0.9% in August. The preliminary reading of the private sector payroll index also showed France accelerated growth to 0.3% from 0.2% in the second quarter.

This comes in conjunction with the meetings of finance ministers of the euro zone Ecofin in Brussels, which is attended by the finance ministers of the EU member states to discuss several financial issues such as mechanisms to support the euro and government funding, and these meetings are closed and are not allowed to transfer the media, but officials are usually with They talk to the media throughout the day.

On the other hand, investors are looking forward to the outcome of the FOMC member and the Chairman of the Federal Reserve Bank of New York, John Williams, about the weaknesses in the global financial system during a dinner in New York, and that comes before we see another Fed committee member, the Deputy Governor of the Federal Reserve. Concluding Remarks of the San Francisco Fed Research Conference.

Investors are also awaiting the US economy's final wholesale inventories figure, which could show a 0.3% decline, unchanged from the preliminary September reading and a 0.2% rise in August, coinciding with the release of the University of Michigan's preliminary reading of confidence. Consumers may reflect an expansion to 96.0 vs. 95.5 last October.

Technical Analysis

EURUSD has confirmed the breach of 1.1065 after closing the daily candlestick below it, activating the negative effect of the double top pattern which appears in the picture, waiting for further decline in the coming sessions, where our main targets are at 1.0995 then 1.0950.

Therefore, the bearish trend will remain favored for today, supported by negative pressure formed by SMA 50, noting that the continuation of the bearish wave requires stability below 1.1065 and 1.1105 levels.

Expected trading range for today is between 1.0950 support and 1.1120 resistance.

Expected trend for today: Bearish.

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 Australian dollar fell during the Asian session to witness a rebound for the second session in four sessions from its highest since late October, when it tested the highest since July 26 against the US dollar following the developments and economic data that followed from the Australian economy and on the threshold of developments and economic data Expected on Friday by the US economy which includes the speech of members of the Federal Open Market Committee.

At 04:31 am GMT, the AUDUSD fell 0.22% to 0.6883 levels, compared to the opening levels of 0.6898, after the pair reached its lowest level during the session at 0.6876, while achieving the highest at 0.6906.

The Australian economy followed the release of the Home Loan which showed growth slowed to 1.4% vs. 2.7% in August, worse than expectations for a 2.1% slowdown, coinciding with the Reserve Bank of Australia's monetary policy statement. For the meeting held last Tuesday, it was decided to keep interest rates at an all-time low of 0.75%.

On the other hand, investors are looking forward to the outcome of the FOMC member and the Chairman of the Federal Reserve Bank of New York, John Williams, about the weaknesses in the global financial system during a dinner in New York, and that comes before we see another Fed committee member, the Deputy Governor of the Federal Reserve. Concluding Remarks of the San Francisco Fed Research Conference.

Investors are also awaiting the US economy's final wholesale inventories figure, which could show a 0.3% decline, unchanged from the preliminary September reading and a 0.2% rise in August, coinciding with the release of the University of Michigan's preliminary reading of confidence. Consumers may reflect an expansion to 96.0 vs. 95.5 last October.

Technical Analysis

AUDUSD continues to fluctuate around 0.6895 and hold steady below it, and begins fresh attempts to break the support of the bullish intraday channel shown in the picture, to keep the bearish trend scenario intact for the next period, waiting to visit 0.6825 then 0.6755 as the next key targets.

On the other hand, it should be noted that breaching 0.6895 and holding above it will re-activate the bullish corrective scenario, whose first main target is at 0.7015.

Expected trading range for today is between 0.6800 support and 0.6930 resistance.

Expected trend for today: Bearish.

Amazon shares returned to test the upper limit of the descending channel, which crossed last week. After approaching the resistance of 1819.37

Amazon shares continue to move under the positive effect of the 7 -20-50 moving averages that are moving below the price and forming support levels.

Stochastic started out of overbought area will press the price for further decline and test support levels at 20-50 moving averages

Expected trend: Neutral.

The pair continues to form the double top reversal pattern. The prospect of stronger USD due to the divergence of monetary policies between the Fed and the ECB will exert a short-term pressure on the pair.

The price is below the middle Bollinger band, at SMA 5, but below SMA 14. RSI is located above the oversold zone line and moves horizontally. Stoch are also above this zone and uninformative.

Trading recommendations:

Sell the pair after it crosses the level of 1.1040 with the price dropping to 1.1000.

The stock is trading in the upper limit range of the descending price channel. The pivot zone of 362.0 held back buyers, and Stochastic Oscillator indicator signals oversoldness. A start fractal has formed below the 135 moving average from the upper border of the price channel.

Trading recommendations:

Sell at the breakout of the start fractal (353.00).

Stop Loss for fractal stop - 362.00.

Target levels - 339.00; 327.00.

The currency pair has been trading in a narrow flat range for a long time. The round secondary level of 1.2820 was insurmountable for bulls, and the round important level of 1.2700 is a deterrent for bears. A bearish divergence appeared on Awesome Oscillator.

Trading recommendations:

Sell below the important 1.2700 level.

Stop Loss for round secondary level 1.2820.

Target levels - 1.2500; 1.2280; 1.2100.

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 overall trend of the currency pair is upward. Now the pair is trading in the range of 365 and 135 moving averages. A bullish divergence has formed on Awesome Oscillator indicator, and Stochastic Oscillator indicator signals oversoldness.

Trading recommendations:

Buy while the rising pattern 123 is forming, strictly after the breakout of the inclined channel of descending pattern.

Stop Loss under the round intermediate level 0.6850.

Target levels – 0,6920; 0.6975.