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Gold futures fluctuated in a narrow range tilted lower during the Asian session to reflect its rebound for the third session in five sessions from the highest since April 12, 2013 amid the rise of the US dollar index according to the inverse relationship between them, amid the lack of economic data by The US economy is the world's largest economy earlier this week, with the release of the minutes of the Fed meeting and the launch of the Jackson Hole Symposium, which will include Fed Governor Jerome Powell's speech on Friday.

At 04:02 AM GMT gold futures for December 15 fell 0.27% to trade at $ 1,503.40 an ounce compared to the opening at $ 1,509.00 an ounce, amid the US dollar index rose 0.03% to 98.20 compared to the opening at 98.17.

Later this week, investors are awaiting the outcome of Federal Open Market Committee (FOMC) and Federal Reserve Vice Governor Randall Quarles' speech on community development at the Utah Center for Stabilization of Neighborhoods in Salt Lake City on Tuesday. The Federal Open Market Committee was held at the end of last July.

At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.

Technical Analysis

The price of gold continues to fluctuate near the level of 1503.24 and maintains its stability above it so far, where SMA 50 meets this level to add more strength to it, to keep the upside scenario valid and active for the next period, waiting to breach the level of 1535.00 to facilitate the task of heading towards 1560.00 as the next main station.

Keep in mind that breaching 1503.24 levels and then 1483.60 will stop the expected rally and press the price for a bearish correction, where the main targets reach 1452.00 before any new attempt to rise.

Expected trading range for today is between 1500.00 support and 1530.00 resistance

Expected trend for today: Bullish.

The single currency of the European Union fluctuated in a narrow range tilted to decline during the Asian session to witness the bounce for the seventh session in ten sessions from the highest since July 19 last against the US dollar on the eve of developments and economic data expected on Monday by the euro zone economies and amid The economic data earlier this week was tightened by the world's largest economy.

At 05:37 am GMT, the euro fell against the US dollar by 0.02% to 1.1088 levels compared to the opening at 1.1095 after the pair reached its lowest level during the session at 1.1085, while achieving the highest at 1.1101, knowing that the pair started This week it is trading on a bullish price gap after closing last week at 1.1090 levels.

Investors are looking ahead to the euro-zone economies as a whole, revealing a seasonally adjusted reading of the current account, which could reflect a widening surplus to € 32.2 billion from € 29.7 billion in May, before Germany's largest economy sees its disclosure. On the monthly report of the Bundesbank.

The release of inflation data for the euro area as a whole with the release of the final annual CPI reading which may reflect the stability of growth at 1.1%, little changed from the initial reading for the month of July, compared with 1.3% in the previous annual reading for the month of June Last June, the core annual reading of the same index could show growth stabilizing at 0.9% versus 1.1% in June.

Later this week, investors await the Federal Open Market Committee (FOMC) and Federal Reserve Deputy Governor Randall Quarles' speech on community development at the Utah Center for Settlement Stations in Salt Lake City on Tuesday, ahead of revelation hours. For the minutes of the FOMC meeting held at the end of last July.

At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.

By Thursday, the markets are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Federal Reserve Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

Technical Analysis

EUR / USD is trading below 1.1100, and is under constant negative pressure from SMA 50, to keep the downside bias over the coming sessions, awaiting the test of 1.1000 which is our next major target.

Stability below 1.1180 is important for the continuation of the suggested decline, as a breach will push the price to start recovery attempts initially targeting 1.1350 zones.

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

Expected trend for today: Bearish.

The Australian dollar fluctuated in a narrow range upward during the Asian session for the third consecutive session amid the lack of economic data earlier this week by the Australian economy and by the US economy, the largest economy in the world.

Investors awaited later this week as Federal Open Market Committee (FOMC) and Federal Reserve Vice Governor Randall Quarles talked about community development at the Utah Center for Settlement Stations in Salt Lake City on Tuesday. The Federal Open Market held in with the end of last July.

At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.

By Thursday, the markets are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Federal Reserve Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

Technical Analysis

AUDUSD has not shown any strong movement in the past sessions, therefore, there is no change to the bearish trend scenario based on stability below 0.6830, organized within the descending channel shown, waiting for heading towards 0.6700 which is our next main target.

Expected trading range for today is between 0.6720 support and 0.6830 resistance.

Expected trend for today: Bearish.

SBER Bank continues its downtrend after exiting the ascending channel within which it was moving.

The price managed to hold below the 20-50-7 moving averages.

They move above the price and form resistance levels.

The stochastic indicator near the oversold area in a side path near this area and gives a signal to return to it in reference to the continuation of the bearish path.

The expected movement between 210.8 support and 235.96 resistance.

Overall trend: Bearish.

EURUSD

The pair is trading below the level of 1.1100 in anticipation of the publication of data on consumer inflation in the Euro zone, and on account of the upcoming speech of the Fed head John Powell's at an economic Symposium later this week.

The price is below the middle Bollinger band, above the SMA 5, but below the SMA 14.RSI is trying to grow. Stoch is also growing.

Trading recommendations: 
If the pair will manage to rise above the level of 1.1100, the expected resumption of its drop to 1.1025.

The Australian dollar rose against its US counterpart in today's trading following the release of positive economic data and cautious calm in the global markets. There is calm and cautious anticipation in the markets after the strong losses recorded by stock exchanges yesterday, affected by fears of a possible recession in the United States.

This follows the reversal of the yield curve on US Treasury bonds, which analysts see as a sign of an imminent recession.

Faced with mounting signs of a recession, global central banks are slashing interest rates to attract capital and stimulate economies.

The Australian economy added 41.1 thousand jobs last month, exceeding analysts' expectations of 14.2 thousand jobs, and the unemployment rate held steady at 5.2% unchanged, government data showed.

Investors in the US economy are awaiting the release of the housing market data with the release of the Housing Starts and Building Permits for July. Building permits are expected to rise 3.1% to 1.27 million versus a decline of 6.1% at 1.23 million in June. Housing starts may show a rise of 0.2% to 1.26 million versus a decline of 0.9% at 1.25 million.

This comes ahead of the preliminary reading of the University of Michigan's consumer confidence index, which may reflect a shrinking expansion to 97.2 vs. 98.4 in July. Otherwise, US President Donald Trump yesterday continued his criticism of the Federal Reserve for interest on federal funds, saying it was delayed In reducing them to support the American economy, adding that imposing tariffs on China did not harm the economy, but made billions of dollars for his country.

Technical Analysis

The narrow and sideways range continues to dominate the AUDUSD trades, which hold steady below 0.6830, thus, no change to our bearish outlook which is supported by the stochastic negativity, noting that our next key target is at 0.6700.

Expected trading range for today is between 0.6720 support and 0.6830 resistance.

Expected trend for today: Bearish.

The stock fell over the bottom of the ascending channel and reached support at 1752.04. He bounced it up.

The price has moved below the 20 and 50 moving averages that have turned into price resistance levels and are pushing it down and testing the support 1665.45.

Stochastic formed a bearish cross and started moving towards the oversold area thus likely

Re-test support again.

The expected movement between 1664.45 support and 1885.00 resistance.

The general trend of the movement: bearish.

The US dollar fluctuated in a narrow uptrend range during the Asian session to witness the bounce for the third session in five sessions from the lowest since January 3 last amid the lack of economic data by the Japanese economy and on the threshold of developments and economic data by the US economy the world.

At 05:51 AM GMT, the USDJPY rose 0.02% to 106.14 levels from 106.12 opening levels, after hitting a session high of 106.27 and a low of 106.03.

Investors in the US economy are awaiting the release of the housing market data with the release of the Housing Starts and Building Permits for July. Building permits are expected to rise 3.1% to 1.27 million versus a decline of 6.1% at 1.23 million in June. June starts may show a rise of 0.2% to 1.26 million versus a decline of 0.9% at 1.25 million.

This comes ahead of the preliminary reading of the University of Michigan's consumer confidence index, which may reflect a shrinking expansion to 97.2 vs. 98.4 in July. Otherwise, US President Donald Trump yesterday continued his criticism of the Federal Reserve for interest on federal funds, saying it was delayed In reducing them to support the American economy, adding that imposing tariffs on China did not harm the economy, but made billions of dollars for his country.

It is noteworthy that the US Treasury announced last Tuesday to postpone the date of activating the imposition of customs tariffs 10% on US imports of some Chinese goods until December 15, which was supposed to enter into force by the beginning of next month, and then heavier on the performance The safe-haven yen, which fell against the dollar by more than 1 percent, was the pair's best daily performance since March 28, 2018.

Technical Analysis

USDJPY tested a new 106.70 level yesterday and bounced lower from there, settling around SMA 50, waiting for further declines to continue the bearish main trend, with targets starting at 105.05 then 104.60.

Stability below 106.70 is important to achieve the suggested targets, as a breach will push the price to achieve more intraday gains that reach 107.70 mainly.

Expected trading range for today is between 105.20 support and 106.70 resistance.

Expected trend for today: Bearish.

Gold futures fluctuated in a narrow range, tilted lower during the Asian session to witness the resumption of rebounding from the highest since April 12, 2013 for the second session in four sessions amid the rise of the US dollar index according to the inverse relationship between them on the eve of developments and economic data expected today Friday of the US economy the largest economy in the world.

At 04:08 am GMT, gold futures for December 15 fell 0.50% to trade at $ 1,514.90 an ounce compared to the opening at $ 1,521.90 an ounce, amid the US dollar index rose 0.07% to 98.20 compared to the opening at 98.13.

Investors in the US economy are awaiting the release of the housing market data with the release of the Housing Starts and Building Permits for July. Building permits are expected to rise 3.1% to 1.27 million versus a decline of 6.1% at 1.23 million in June. June starts may show a rise of 0.2% to 1.26 million versus a decline of 0.9% at 1.25 million.

This comes ahead of the preliminary reading of the University of Michigan's consumer confidence index, which may reflect a contraction to 97.2 from 98.4 in July. Otherwise, US President Donald Trump yesterday continued his criticism of the Federal Reserve for interest on federal funds, saying it was delayed. In reducing them to support the American economy, adding that imposing tariffs on China did not harm the economy, but made billions of dollars for his country.

Yesterday, a Chinese Foreign Ministry spokesman said Beijing hoped that the United States would "meet with China halfway" on trade issues, following Beijing's recent US tariffs "seriously violating" the meeting. The latest between Chinese President Xi Jinping and his US counterpart Trump, Trump also noted yesterday that any agreement must be "on our terms."

It is noteworthy that the US Treasury announced last Tuesday to postpone the date of activating the imposition of customs tariffs 10% on US imports of some Chinese goods until December 15, which was supposed to come into force by early next month, and commented US President Trump at the time The decision to postpone that it aims to support shopping in the holiday season, while expressing that the contacts with the Chinese side has been constructive recently

Technical Analysis

The price of gold continues to fluctuate around the 1525.00 level, and needs to get enough positive momentum to push the trades to continue the bullish main direction, where the positive scenario is still active with the support of SMA 50, noting that breaching 1535.00 will facilitate the task of heading towards our main target at 1560.00.

Stability above 1483.60 is important for the continuation of the suggested rally, as a breach will press the price for a further bearish correction targeting 1452.00 areas and may extend to 1432.25 before any new attempt to rise.

Expected trading range for today is between 1505.00 support and 1540.00 resistance.

Expected trend for today: Bullish.

The euro fell as the European market opened on Friday against a basket of global currencies, extending losses for the fourth consecutive day against the US dollar, approaching touching the lowest level in two weeks recorded earlier in yesterday's trading, in connection with the loss of the fourth weekly in the last five weeks, Due to the increased likelihood of the European Central Bank to take additional stimulus measures during the meeting next September.

The euro fell against the dollar by 0.1% to $ 1.1095, and the opening price of the day at $ 1.1105, and recorded the highest at $ 1.1112.

Yesterday, the euro lost 0.3% against the dollar, its third consecutive daily loss, hitting a two-week low of $ 1.1091, after positive economic data in the United States.

Data showed that US retail sales rose more than expected in July, easing concerns about the slowdown in the US economy, the "largest economy in the world."

Over the course of the week, the euro fell 0.9% against the dollar, posting its fourth weekly loss in the past five weeks, as weak data in Europe increased the likelihood of the ECB easing monetary policy and cutting interest rates.

The data showed a slowdown in the growth of the European economy during the second quarter of this year, and the German economy entered the "largest economy in the euro area" in a recession during the quarter ending in June.

Following the Bank's July 25 meeting, ECB Governor Mario Draghi said monetary policy makers were waiting for more data before taking any further action and that the bank was ready to cut interest rates during the September meeting, while considering other options for easing. Monetary policy.

The International Monetary Fund recently urged the European Central Bank to add new incentives to mitigate growing economic risks, and warned that the euro zone economy faces the risks of global trade tensions, Britain's secession from the European Union, and Italy's debt crisis.

Technical Analysis

EURUSD succeeded in achieving the first target at 1.1100 and stabilizes at it, starting today with a slight bearish bias in a sign that the price is heading for further declines in the coming sessions, paving the way towards our next target at 1.1000.

Therefore, we will continue to favor the bearishness over intraday and short-term, taking into consideration that the continuation of the expected decline requires stability below 1.1180.

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

Expected trend for today: Bearish.