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Gold futures fell during the Asian session to see its fifth rebound from the highest since April 11, 2013 amid the positive stability of the US dollar index according to the inverse relationship between them following the developments and economic data that followed from the Chinese economy, the largest consumer of metals in the world and on the threshold of developments The economic data expected on Tuesday by the US economy, the largest economy in the world.

At 0411 am GMT gold for December delivery fell 0.72% to trade at $ 1491.12 an ounce, showing the lowest since August 13 compared with the opening at $ 1498.11 an ounce, knowing that the contracts started the trading session on A bearish price gap after yesterday's close at $ 1,511.10 per ounce, amid the dollar index rose 0.05% to 98.38 compared to the opening at 98.33.

The Chinese economy continued to release inflation data with the release of the annual CPI figure, which showed growth steady at 2.8%, little changed from the prior yearly reading for July, beating expectations for a slowdown in growth to 2.6%. The Producer Price Index (CPI) widened to 0.8% vs. 0.3%, beating expectations for a 0.9% contraction.

Otherwise, we followed last weekend the People's Bank of China revealed that it bought 5.91 tons in August, bringing its total gold holdings to 62.45 million ounces, compared with 62.26 million ounces in July. The data reflected a recent slowdown in gold purchases by the bank, with average purchases since December last year at 11.75 tones.

On the other hand, investors are awaiting the US economy for the release of the employment and employment turnover, which may reflect a decline to 7.31 million compared to 7.35 million in June, following hours of US labor market data for August. Last Friday showed the unemployment rate stabilized for the third consecutive month at 3.7%, in line with expectations.

In the same context, we also followed last weekend's Average Hourly Earnings showing that the pace of growth accelerated to 0.4% compared to the previous reading for July and expectations of 0.3%, while the change in jobs index in sectors other than agriculture at the time showed a slowing pace of creation The number of jobs added to 130 thousand jobs compared to 159 thousand jobs added in July, contrary to expectations that indicated 163 thousand jobs added.

In another context, we followed up with the beginning of this week, US Treasury Secretary Stephen Mnuchin expressed that the US administration is considering to make new tax cuts during the next year, with reference to the expected that the trade agreement with Japan is expected to be completed soon and that trade negotiations with France are still US President Donald Trump prefers to continue to impose tariffs in the absence of a trade deal with China, he said.

US Treasury Secretary Manouchin said Monday that the US administration is ready to sign a trade deal with China in the event that it is in the interest of the United States, noting that the impact of the trade war on the US economy has not yet been noticed, adding that there is no reason to say that the position of Fed Governor Jerome Powell is not under threat.

US President Trump recently said his administration is considering expanding tax cuts later and that the Fed, which he and Powell have repeatedly criticized, should act proactively and cut interest rates on federal funds. The FOMC is scheduled to meet on 17-18. From September in Washington the committee is expected to offer a 25 basis point rate cut for the second consecutive meeting.

The worsening trade war between the world's two largest economies has recently reinforced investor fears about the pace of US and Chinese growth and the global economy as a result of the US administration's growing trade protectionism with many countries, led by China. The United States and China resumed their trade negotiations by early next month in Washington to ease market concerns.

Technical Analysis

Gold has succeeded in achieving our awaited target at 1493.80 and surpassed it to open the way for a visit to the major uptrend line at 1477.00, keeping the bearish trend dominating over the coming sessions, supported by negative pressure formed by SMA 50.

Thereby, we are waiting for further downside intraday, taking into consideration that a break of 1503.00 will stop the negative scenario and lead the price to start attempts to recover and restore the main bullish trend again.

Expected trading range for today is between 1477.00 support and 1503.00 resistance.

Expected trend for today: Bearish.

Last week, we bought VTB at the breakout of the resistance level 0.0390. A correction began after a strong impulse movement caused by favorable dividend news, which resulted in a Wedge Pattern.

Trading ideas:

Buy above the mirror level 0.0418.

Stop Loss under the local minimum (under the wedge pattern).

Target levels – 0.0428; 0.0436.

The single currency of the European Union fluctuated in a narrow range tilted to decline during the Asian session to witness the resumption of rebound from the highest since August 29 last for the third session in four sessions against the US dollar on the eve of developments and economic data expected on Tuesday by euro zone economies The US economy is the largest in the world.

At 05:37 am GMT, EUR / USD fell 0.03% to 1.1045 levels from the opening at 1.1048, after hitting a session low of 1.1040 and a high of 1.1052.

Markets are currently looking ahead to France, the second largest economy in the euro zone, for a reading of industrial production, which may reflect a rise of 0.5% versus a decline of 2.3% in the previous reading for the month of June, before we see the same index reading for Italy, the third largest economy in the region. It may show that the decline shrank to 0.1% from 0.2% in June.

On the other hand, investors are awaiting the US economy for the release of the employment and employment turnover, which may reflect a decline to 7.31 million compared to 7.35 million in June, following hours of US labor market data for August. Last Friday showed the unemployment rate stabilized at 3.7% for the third month in a row in line with expectations.

In the same context, we also followed last weekend's Average Hourly Earnings, which showed growth accelerated to 0.4% compared to the previous July and expectations of 0.3%, while the change in jobs in non-agricultural sectors showed a slowing pace of job creation. The number of jobs added to 130 thousand jobs compared to 159 thousand jobs added in July, contrary to expectations that indicated 163 thousand jobs added.

Technical Analysis

The narrow range continues to dominate the EURUSD trading, which remains within the channel shown, thus, the temporary bullish scenario will remain probable over intraday basis, awaiting the test of 1.1100 before returning to resume the bearish main trend.

Note that a breach of the target will push the price to 1.1180 before any new negative attempt, while a break of 1.1005 will press the price to resume the decline without having to touch the suggested targets.

Expected trading range for today is between 1.0950 support and 1.1110 resistance.

Expected trend for today: Temporarily bullish.

The Australian dollar fluctuated in a narrow range tilted to decline during the Asian session to witness a rebound for the second session from its highest since late July against the US dollar following the developments and economic data followed by the Australian economy and on the eve of developments and economic data expected on Tuesday by the US economy Economy in the world.

At 02:37 am GMT, the Australian dollar against the US dollar fell by 0.09% to 0.6856 levels compared to the opening levels at 0.6862, after the pair achieved the lowest during the trading session at 0.6851, while the highest level at 0.6869.

The Australian economy followed the release of the Australian National Business Confidence Index, which showed a widening of 1 to 4 in July, and a reading of the same indicator of confidence in current conditions also showed a widening of 1 to 3. In July, this came hours before the release of September's Wesbeck consumer confidence index on Wednesday.

On the other hand, investors are awaiting the US economy for the release of the employment and employment turnover, which may reflect a decline to 7.31 million compared to 7.35 million in June, following hours of US labor market data for August. Last Friday showed the unemployment rate stabilized at 3.7% for the third month in a row in line with expectations.

In the same context, we also followed last weekend's Average Hourly Earnings showing that the pace of growth accelerated to 0.4% compared to the previous reading for July and expectations of 0.3%, while the change in jobs index in sectors other than agriculture at the time showed a slowing pace of creation The number of jobs added to 130 thousand jobs compared to 159 thousand jobs added in July, contrary to expectations that indicated 163 thousand jobs added.

In the same context, Powell said that employment data remains above the average range, while addressing the fact that the Federal Open Market Committee is committed to achieving the inflation target at 2%, and expressed the levels of neutrality of the leader has fallen during the past two decades to between 2% and 3%, adding Central banks will be less able to cope with the economic slowdown by cutting interest rates.

Technical Analysis

AUDUSD has been trading around 0.6860 since yesterday, as the Stochastic lost its positive momentum, whilst we are still waiting for further rally to test the resistance of the ascending channel around 0.6900 before returning to the downside again.

Therefore, we hold onto our positive outlook unless 0.6830 is breached and remains intact with a daily closing below it.

Expected trading range for today is between 0.6830 support and 0.6900 resistance.

Expected trend for today: Bullish.

Analysis based on round-number levels, price channels and modified Elliot Waves

The currency pair is traded in the range of the lower border of the upward price channel. Price pivot zone 9.6085 held back sellers, while the Stochastic Oscillator (30.10.10.) indicates that the price is in the oversold zone. Breaking through the resistance level of 9.6700 will result in formation of an upward pattern within the overall uptrend.

Trading recommendations:

Buy above 9.6700.

Stop Loss under the support level 9.6085.

Target levels – 9.7274; 9.8000; 9.8910.

USDCAD

The pair is trading below 1.3180 amid a correction in crude oil prices. If the price stays below this level as the oil prices resume growing, it is likely to continue its local decline, but if the oil quotes go down, the pair may begin an upwards correction.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is located above the oversold zone and moves horizontally. Stoch reverses downwards in the overbought zone.

Trade recommendations:

Expect the pair to continue its decline to 1.3130 if it is below the level of 1.3180 from the technical point of view.

Sber Bank was able to breach the resistance at SMA 50, so the price continues the bullish move, which was confirmed after exiting the descending channel that was trading two weeks ago.

The price is moving above the 7-20-50 moving averages that form support levels.

Stochastic is within the overbought zone on an uptrend and the continuation of movement within the region will stimulate the price to rise further.

The expected movement between 210.8 support and 235.96 resistance.

The general trend is to the upside.

The US dollar fluctuated in a narrow uptrend range during the Asian session to witness the bounce for the seventh session in eleven sessions from the lowest since November 9, 2016 against the Japanese yen following the developments and economic data that followed on Monday on the Japanese economy, the world's third largest economy Amid a dearth of economic data earlier this week by the US economy, the world's largest economy.

At 05:57 AM GMT, the USDJPY rose 0.01% to 106.87 levels from the opening levels of 106.86, after the pair reached its highest level during the session at 107.02, while the lowest level at 106.76.

The Japanese economy followed the release of the seasonally adjusted final GDP figure, which showed growth slowed to 0.3%, in line with expectations, compared with 0.4% growth in the previous quarter prior to the second quarter and 0.6% growth in the previous quarter. GDP measured in prices stabilized at 0.4%, also in line with expectations and against 0.1% growth.

In the same context, the seasonally adjusted annualized final GDP figure showed growth slowed to 1.3% in line with expectations compared to 1.8% growth in the prior quarterly annual reading and against 2.2% growth. 1.65 trillion yen versus 1.94 trillion yen in June, worse than expectations for a narrowing surplus to 1.70 trillion yen.

The seasonally adjusted reading of the Current Account showed that the surplus widened to 2.00 trillion yen from 1.21 trillion yen in June, below expectations of 2.05 trillion yen, coinciding with the release of the Bank of Japan's annual bank lending index. Growth slowed to 2.1% compared to the prior yearly reading for July and expectations for 2.3%.

The Japanese Cabinet Office revealed that the ECOWATCHS statistic of the current and future conditions showed that the contraction of the current situation shrank to 42.8 from 41.2 in July, contrary to expectations that the contraction would widen to 41.4. Its value was 44.3, little changed from what it was in July.

Technical Analysis

USDJPY is retesting the breached neckline of the double-bottom pattern shown above, and holds it above it so far, noting that the Stochastic is providing a positive crossover signal now, while SMA 50 supports the price from below.

Therefore, these factors encourage us to maintain our bullish expectations over the coming period, with the next targets at 108.30 then 109.30, while achieving them requires stability above 106.70.

Expected trading range for today is between 106.20 support and 107.70 resistance.

Expected trend for today: Bullish.

Gold futures fluctuated in a narrow and bullish range during the Asian session to witness the rebound to the second session from the lowest since August 23, ignoring the positive stability of the US dollar index for the first time in five sessions according to the inverse relationship between them following the developments and economic data that followed BEIJING - China's economy is the world's largest consumer of minerals amid tight economic data on Monday by the world's largest economy.

Gold futures for December delivery rose 0.48% to currently trade at $ 1509.11 an ounce compared with the opening at $ 1504.21 an ounce, while the US dollar index rose 0.01% to 98.43 compared to the opening at 98.42.

On Sunday, we were followed by the Chinese economy, the second largest economy in the world, the release of the Trade Balance Index, which showed that the surplus shrank to 240 billion yuan ($ 34.8 billion) from 310 billion yuan ($ 45.1 billion) in July, worse than forecasts. The surplus shrank to 300 billion yuan, or $ 44.3 billion, as exports fell less than forecasts, which slowed growth and imports fell less than expected.

The worsening trade war between the world's two largest economies has recently reinforced investor fears about the pace of US and Chinese growth and the global economy as a result of the US administration's growing trade protectionism with many countries, led by China. The United States and China resumed their trade negotiations by early next month in Washington to ease market concerns.

The People's Bank of China (PBOC) announced Friday that it will cut banks 'mandatory reserve rate by 50 basis points from September 16, and is seeking to expand some banks' cuts to about 100 basis points. The reserve requirement will go through two phases of 50 basis points each, stating that the cut will provide liquidity of 900 billion yuan.

On the other hand, the Japanese Cabinet Office released today the final seasonally adjusted GDP figure which showed growth slowed to 0.3%, in line with expectations, compared to 0.4% in the previous quarter and 0.6% in the first quarter. The annualized GDP reading measured by prices stabilized at 0.4%, also in line with expectations and against 0.1% growth.

In the same context, the seasonally adjusted annualized final GDP showed growth slowed to 1.3%, in line with expectations, compared with 1.8% growth in the prior quarter's prior year and 2.2%. This came in conjunction with the current account reading showing the surplus narrowed to 1.65 Trillion yen versus 1.94 trillion yen in June, worse than expectations that the surplus shrank to 1.70 trillion yen.

Technical Analysis

Gold is showing more bearish bias to test the 1508.30 level, and SMA 50 is forming a continuous negative pressure against the price, so we expect the decline to continue during the coming sessions to test 1493.80 as the next major stop.

Therefore, we are waiting for more negative trading today, keeping in mind that a breach of 1531.75 will stop the current negative pressure and lead the price to resume the bullish main trend again.

Expected trading range for today is between 1493.00 support and 1524.00 resistance.

Expected trend for today: Bearish.

The single currency of the European Union has fluctuated in a narrow and bullish range during the Asian session to witness the rebound for the third session in five sessions from the lowest since May 15, 2017 against the US dollar on the eve of developments and economic data expected on Monday by euro zone economies and amid The economic data earlier this week was tightened by the world's largest economy.

At 05:20 am GMT the EURUSD rose 0.01% to 1.1029 levels from the opening at 1.1028, after the pair reached a session high of 1.1030, while a low of 1.1016.

Markets in the euro zone's largest economy, Germany, are looking ahead to the trade balance, which could reflect a widening surplus of € 18.8bn from € 18.1bn in June, before the release of the Sentix consumer confidence index for the euro zone as a whole. The contraction shrank to 13.0 from 13.7 in August.

Technical Analysis

EUR / USD is trading around the 1.1030 level, and the temporary bullish scenario is still likely over the intraday basis, which aims to test 1.1110 before returning to resume the main bearish trend again.

A break of the target will push the price to 1.1180 as a next positive target, while a break of 1.1005 represents the key to the price back to the downside key path again.

Expected trading range for today is between 1.0950 support and 1.1110 resistance.

Expected trend for today: Temporarily bullish.