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Gold futures fluctuated in a narrow, bullish range during the Asian session amid the decline of the US dollar index for the tenth session in thirteen sessions from the highest since May 12, 2017 according to the inverse relationship after the developments and economic data that followed from the Chinese economy, the largest consumer US metals are on the threshold of economic developments and data expected on Friday by the US economy, the largest economy in the world, which includes the speech of members of the Federal Open Market Committee.

Morning gold futures for December delivery fell 0.02% to trade at $ 1,490.50 an ounce compared to the opening at $ 1,491.90 an ounce, with the US dollar index down 0.01% to 97.59 compared to the opening at 97.60.

The National Bureau of Statistics (NBS) revealed that the seasonally adjusted GDP for the third quarter showed that growth slowed to 1.5% in line with expectations against 1.6% in the second quarter, and the annual reading of the same index showed a slowdown in growth to 6.0% from 6.2%. In the prior quarterly reading, worse than expectations for a slower pace of growth to 6.1%.

In the same context, the Office also revealed the annual reading of the Retail Sales Index, which showed that the pace of growth accelerated to 7.8% in line with expectations, compared to 7.5% in the previous annual reading for the month of August, and the annual reading of industrial production accelerated to 5.8% 4.4%, beating expectations of 5.0%, while the Unemployment Rate stood at 5.2% in September.

On the other hand, investors are currently awaiting the release of leading indicators which may show 0.1% growth versus the zero level in August, in conjunction with Federal Reserve Bank of Kansas City President Esther George's speech at the Energy and Economy Conference. Hosted by the Denver branch of the bank, before we witness the Deputy Governor of the Federal Reserve Richard Clarda on economic expectations and monetary policy at the Chartered Income Management Conference on the stability of the financial analyst.

On Wednesday, US President Donald Trump said that the trade agreement with China has been written and that the trade agreement between the two sides is currently being prepared, noting that the agreement was not signed until his next meeting by early next month in Chile with his Chinese counterpart. Xi Jinping, adding that China has already begun to buy American agricultural products.

US Treasury Secretary Stephen Mnuchin also noted Wednesday that US and Chinese trade negotiators are working on the text of the first phase of the trade deal for the two heads of state to sign next month at the Chile summit, while noting that there are no plans for another high-level meeting. The trade deal was set last week.

This comes in conjunction with the proceedings of the European Union summit in Brussels, which entered the second day in a row, which resulted on Thursday to reach a draft agreement on the Brexit of the European Union is expected to be voted by the British parliament tomorrow Saturday. Otherwise, markets are also looking To launch the meetings of the International Monetary Fund, which is attended by representatives of the Fund and representatives of the World Bank in Washington.

Technical Analysis

Gold has been floating around the 50 SMA since yesterday, and is floating within the descending channel shown, while the Stochastic is showing overbought signals now.

Therefore, we believe that chances are available for resuming the bearish corrective trend, where the next main target is at 1447.00, noting that the bearish path will remain valid unless the price pushes to breach the 1507.50 level and hold above it.

Expected trading range for today is between 1470.00 support and 1505.00 resistance.

Expected trend for today: Bearish.

The single currency of the European Union fluctuated in a narrow range tilted to decline during the Asian session to witness the rebound for the second session from its highest since August 26 against the US dollar on the eve of developments and economic data expected on Friday by the economies of the euro area as a whole and the US economy The EU Summit and the FOMC members talk.

At 05:11 am GMT, EUR / USD fell 0.02% to 1.1123 levels from the opening at 1.1125, after the pair reached a session high of 1.1131, while the pair bottomed at 1.1121.

Investors are looking ahead to the Eurozone economies as a whole, revealing the seasonally adjusted reading of the Current Account, which could reflect a widening surplus to € 21.3 billion from € 20.5 billion last July. It is possible that the Brexit agreement will take effect in early November.

Council President Tusk also noted that he is awaiting the outcome of the vote of both the British and European Parliament on the agreement reached on the issue of Brexit from the European Union, pointing out that the main change that allowed an agreement between the parties, is the UK's acceptance of customs checkpoints In Northern Ireland, adding that the agreement ensures the integrity of the single market of the agreement.

On the other hand, investors are currently awaiting the release of leading indicators which may show a 0.1% growth against the zero level in August. This comes in conjunction with FOMC and Kansas City Fed Chairman Esther. George at the Energy and Economics Conference hosted by the Denver Branch of the Kansas City Fed.

The Federal Open Market Committee (FOMC) and Deputy Governor of the Federal Reserve Richard Clarda talked about the economic expectations and monetary policy at the Chartered Income Management Conference on Financial Stability. Because these meetings are open to the press.

Technical Analysis

EURUSD stabilized above the 1.1100 barrier after yesterday's bullish rally, and the path is open to our key target at 1.1180, noting that a break above this level will extend the bullish wave to 1.1280 as the next major stop.

Therefore, the bullish bias remains likely in the coming sessions unless 1.1040 is breached and stability below it.

Expected trading range for today is between 1.1040 support and 1.1220 resistance.

Expected trend for today: Bullish.

The Australian dollar fluctuated in a narrow, bullish range during the Asian session to witness the bounce for the eighth session in 13 sessions from the lowest since March 18, 2009 against the US dollar amid the lack of economic data by the Australian economy and on the eve of developments and economic data expected on Friday The US economy is the largest economy in the world which includes the speech of the members of the Federal Open Market Committee.

At 02:28 am GMT, the Australian dollar against the US dollar rose 0.18% to 0.6836 levels, compared with the opening levels at 0.6824, after the pair reached its highest since 18 September last at 0.6839, while the lowest level during the The trading session was at 0.6821.

Investors are currently awaiting the release of leading indicators, which may show a 0.1% growth versus the zero level in August. This comes in conjunction with Federal Open Market Committee (FOMC) Chairwoman and Federal Reserve Bank of Kansas City Chairman Esther George. Energy and economy hosted by the Kansas City Federal Reserve's Denver branch.

The Federal Open Market Committee (FOMC) and Federal Reserve Deputy Governor Richard Clarda talked about the economic expectations and monetary policy at the Chartered Income Management Conference on Financial Stability. Because these meetings are open to the press.

Technical Analysis

AUDUSD has breached the resistance of the descending channel and closed the daily candle above it, opening the way for a bullish correction wave with its first major target at 0.7015.

Therefore, a bullish bias is likely for the coming period supported by a move above SMA 50, noting that a break of 0.6820 and trading below it will reactivate the bearish main scenario again.

Expected trading range for today is between 0.6780 support and 0.6900 resistance.

Expected trend for today: Bullish.

Amazon's stock is moving within a downtrend after it emerged from the ascending channel in which it was moving and started to move

The descending within the channel, which is cleared in red.

The price is currently moving below the 7-20-50 moving averages in a bullish correction. Which form resistance levels and pressure him to fall further.

Stochastic has entered the overbought area and therefore we are likely to see further upside to 1816.20 resistance.

Expected trend: Bullish intraday. A long-term bearish.

The overall trend is downward. The stock is trading in the range of 150 and 365 moving averages directed downwards. Bearish divergence has formed on Awesome Oscillator indicator, and Stochastic Oscillator indicator signals oversoldness. The pivot zone of 27.28 holds back sellers.

Trading recommendations:

Sell below 27.28.

Stop Loss – 28.00.

Target levels – 26.00; 25.00.

The currency pair is trading in the range of the lower border of the ascending price channel within the moving averages (135 and 365) directed upwards. Bullish divergence has formed on Awesome Oscillator indicator, and Stochastic Oscillator indicator signals oversoldness. 

Trading recommendations:
Buy while an upward pattern 123 is forming.
Stop Loss under the round intermediate level 1.6250.
Target levels – 1.6366; 1.6430.

The pair is trading above the level of 0.6825. It could still has the potential to 0.6885 amid the lower expectations of the RBA reducing interest rates before the end of the yea. The pair is locally overbought from a technical point of view and may correct downwards.
The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is under the overbought zone and is moving horizontally. Stoch are in the overbought zone and reversing down.

Trading recommendations: 
Sell the pair after its decline below the level of 0.6825 with a local target of 0.6800

The US dollar fluctuated in a narrow range, tilted lower during the Asian session to witness the rebound for the third session from its highest since early August, when it tested late May against the Japanese yen amid the lack of economic data from the Japanese economy and on the eve of developments and economic data on Thursday The US economy is the largest in the world, including the FOMC members' speech.

At 06:02 AM GMT, the USDJPY fell 0.01% to 108.75 levels compared to opening levels at 108.76, after the pair reached its lowest level during the session at 108.65, while the highest level at 108.83.

Investors are currently awaiting the US economy to reveal the housing market data with the release of the Housing Starts and Building Permits for September and expectations that building permits will fall 5.8% to 1.34 million versus a rise of 7.7% at 1.43 million in August. Housing starts may also show a decline of 3.2% to 1.32 million from a decline of 12.3% at 1.36 million.

This also comes in conjunction with the release of the index of claims for the last week on the 12th of this month, which may reflect an increase of 2,000 applications to 212 thousand applications compared to 210 thousand applications in the previous weekly reading, while the reading of the claims applications index may show investors for the week that ended on the fifth of This month, a decrease of 14 thousand applications to 1,670 thousand applications compared to 1,684 thousand applications.

Markets from the world's largest industrialized nations are also eyeing the release of the Philly Fed Manufacturing Index, which may reflect a contraction in the expansion to 7.3 from 12.0 in September, before we see the release of the industrial production index which may show a 0.1% decline versus a rise. 0.6% in August, while the Energy Exploitation Rate reading may show a slowdown in growth to 77.7% versus 77.9% in August.

FOMC Fed Governor Michelle Bowman and Chicago Fed President Charles Evans speak at the Federal Reserve Bank of Chicago listening event, before we see another Federal Reserve Chairman, the Federal Reserve Bank of New York. John Williams at the Managed Funds Expectations Conference in New York.

Technical Analysis

USDJPY remains steady above 108.40, and is moving within the ascending channel shown on the chart, noting that the Stochastic is starting to provide a positive crossover signal now, waiting for the price to stimulate the resumption of the bullish bias and test 109.33 mainly.

SMA 50 continues to support the price from below, so we continue to favor the bullish trend provided stability above 108.40.

Expected trading range for today is between 108.20 support and 109.50 resistance.

Expected trend for today: Bullish.

Gold futures fluctuated in a narrow range tilted to decline during the Asian session amid the positive stability of the US dollar index according to the inverse relationship between them on the eve of developments and economic data expected on Thursday the US economy, the largest economy in the world, which includes the speech of members of the Federal Open Market Committee and amid the aspiration to launch The EU summit in Brussels is taking place amid hopes of an agreement on an orderly Brexit.

At 04:12 am GMT gold futures for December delivery fell 0.14% to trade at $ 1,492.10 per ounce compared with the opening at $ 1,494.20 per ounce, amid the US dollar index rose 0.01% to 98.01 compared to the opening at 98.00.

Investors are currently awaiting the US economy to reveal the housing market data with the release of the Housing Starts and Building Permits for September and expectations that building permits will fall 5.8% to 1.34 million versus a rise of 7.7% at 1.43 million in August. Housing starts may also show a decline of 3.2% to 1.32 million from a decline of 12.3% at 1.36 million.

This also comes in conjunction with the release of the index of claims for the last week on the 12th of this month, which may reflect an increase of 2,000 applications to 212 thousand applications compared to 210 thousand applications in the previous weekly reading, while the reading of the claims applications index may show investors for the week that ended on the fifth of This month, a decrease of 14 thousand applications to 1,670 thousand applications compared to 1,684 thousand applications.

Markets from the world's largest industrialized nations are also eyeing the release of the Philly Fed Manufacturing Index, which may reflect a contraction in the expansion to 7.3 from 12.0 in September, before we see the release of the industrial production index which may show a 0.1% decline versus a rise. 0.6% in August, while the Energy Exploitation Rate reading may show a slowdown in growth to 77.7% versus 77.9% in August.

FOMC Fed Governor Michelle Bowman and Chicago Fed President Charles Evans speak at the Federal Reserve Bank of Chicago listening event, before we see another Federal Reserve Chairman, the Federal Reserve Bank of New York. John Williams at the Managed Funds Expectations Conference in New York.

On the other hand, US President Donald Trump said Wednesday that the trade agreement with China has been written and that the trade agreement between the two sides is currently being prepared, noting that the agreement was not signed until his next meeting by early next month in Chile with his Chinese counterpart. Xi Jinping, adding that China has already begun to buy American agricultural products.

Meanwhile, US Treasury Secretary Stephen Mnuchin also noted yesterday that US and Chinese trade negotiators are working on the text of the first phase of the trade agreement to be signed by the two heads of state next month at the Chile summit, while noting that there are no plans for another high-level meeting. The trade deal was set last week.

In another context, the markets are looking closely to the developments of the Brexit file, especially following the report which raised the hopes of investors recently about the imminent conclusion of an agreement allowing the orderly exit of Britain from the European Union, although there are still many doubts about it Among them is whether British Prime Minister Boris Johnson can ensure that his government and the British Parliament approve this exit plan in an orderly manner.

Technical Analysis

Gold has settled above 1485.00, but we note that SMA 50 has formed a strong resistance barrier to stop the positive price attempts, in conjunction with Stochastic reaching overbought areas now.

Therefore, these factors encourage us to continue to favor the bearishness over the coming sessions, whose next target is at 1447.00, taking into consideration that the breach of 1492.00 will push the price for more intraday gains and test the resistance of the descending channel around 1510.00 before any new attempt to decline.

Expected trading range for today is between 1465.00 support and 1500.00 resistance.

Expected trend for today: Bearish.

The single currency of the European Union fluctuated in a narrow, bullish range during the Asian session to witness the rebound of the tenth session in thirteen sessions from the lowest since May 12, 2017 against the US dollar on the eve of developments and economic data expected on Thursday by Italy The third largest economy in the eurozone and the launch of the EU summit in Brussels in addition to the developments and economic data expected by the US economy, which wishes to speak members of the Federal Open Market Committee.

At 04:46 am GMT the EURUSD rose 0.04% to 1.1076 levels from the opening at 1.1072, after the pair reached a session high of 1.1085, while the pair reached its lowest at 1.1071.

Markets are looking ahead to Italy's trade balance reading, which could show the surplus narrowed to 6.21 billion euros from 7.63 billion euros in August, hours after the Italian government approved yesterday's budget plan for next year, which includes a project to cancel the increase. In the VAT and inject new funds for public investments, the draft budget is scheduled to be sent to the European Commission later.

Yesterday, European Council President Donald Tusk said that the fate of Brexit will be determined in the next few hours. The comments came hours before the start of the EU summit today and tomorrow in Brussels amid growing hopes in recent times. To reach an agreement on an orderly Brexit from the European Union.

On the other hand, investors are awaiting the US economy to reveal the housing market data with the release of the Housing Starts and Building Permits for September and expectations that building permits will fall 5.8% to 1.34 million versus a rise of 7.7% at 1.43. Housing starts in August may also show a decline of 3.2% to 1.32 million from a decline of 12.3% at 1.36 million.

This also comes in conjunction with the release of the index of claims for the last week on the 12th of this month, which may reflect an increase of 2,000 applications to 212 thousand applications compared to 210 thousand applications in the previous weekly reading, while the reading of the claims applications index may show investors for the week that ended on the fifth of This month, a decrease of 14 thousand applications to 1,670 thousand applications compared to 1,684 thousand applications.

Markets from the world's largest industrialized nations are also eyeing the release of the Philly Fed Manufacturing Index, which may reflect a contraction in the expansion to 7.3 from 12.0 in September, before we see the release of the industrial production index which may show a 0.1% decline versus a rise. 0.6% in August, while the Energy Exploitation Rate reading may show a slowdown in growth to 77.7% versus 77.9% in August.

FOMC Fed Governor Michelle Bowman and Chicago Fed President Charles Evans speak at the Federal Reserve Bank of Chicago listening event, before we see another Federal Reserve Chairman, the Federal Reserve Bank of New York. John Williams at the Managed Funds Expectations Conference in New York.

Technical Analysis

EUR / USD stabilizes around 1.1080 after yesterday's rally, keeping the bullish scenario valid and active in the coming sessions, and the price gets positive support from SMA 50, with our main target at 1.1180.

Stability above 1.0980 is important for the continuation of the expected bullish bias, as a breach will pressure the price to return to the descending channel shown.

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

Expected trend for today: Bullish