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Gold futures fluctuated in a narrow range, tilted lower during the Asian session to witness the rebound for the second consecutive session from the highest since April 12, 2013, ignoring the decline of the US dollar index according to the inverse relationship between them following the developments and economic data that followed from the economy China is the world's largest consumer of metals and on the eve of economic developments and data expected Wednesday from the US economy, the largest economy in the world.

Gold futures for December 15 delivery rose 0.09% to trade at $ 1,500.00 an ounce, indicating a rebound from its highest in more than six years at $ 1,535.10 an ounce compared to the opening at $ 1,501.45 an ounce The US dollar index fell 0.01% to 97.78 compared to the opening at 97.79.

The National Bureau of Statistics (NBS) of China released the annualized retail sales figure which showed growth slowed to 7.6% from 9.8% in June, worse than expectations for a slowdown of 8.6%. 4.8% vs. 6.3%, also worse than expected at 6.0%, while the unemployment rate showed a rise to 5.3% vs. 5.1% in June.

On the other hand, investors are currently awaiting the US economy to reveal the import price index reading, which may reflect stability at zero levels against 0.9% decline in the previous reading for the month of June, while the annual reading of the same indicator may show the stability of the decline at 2.0% unchanged. Little about what they were in June.

This comes hours after the US Treasury Department announced the postponement of the date of activating the imposition of customs tariffs on US imports of some Chinese goods until December 15 next, which was supposed to enter into force at the beginning of next month. The Chinese side was constructive, and US President Donald Trump commented yesterday on the postponement decision that it aims to support shopping in the Christmas holiday season.

Trump also noted Tuesday that China wants to make progress in the trade talks, and that Beijing intends to buy more American products, while addressing the situation in Hong Kong difficult, but he thinks it can be resolved, and said that many countries are manipulating the value of their currencies, Otherwise, some of the report also mentioned yesterday that Trump had demanded that Japanese Prime Minister Shinzo Abe make his country buy large quantities of US agricultural products.

Technical Analysis

The 38.2% Fibonacci retracement level managed to stop the strong decline witnessed by the price of gold yesterday, starting attempts to overcome the resistance level located at 1503.25, noting that Stochastic is showing positive signs that await the price to achieve the required breach and then resume the main bullish trend.

Thereby, we will maintain our bullish bias on the condition that we hold above 1483.60, noting that our next major target is 1560.00.

Expected trading range for today is between 1485.00 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 fourth session in seven sessions from the highest since July 19 last against the US dollar on the eve of developments and economic data expected on Wednesday by the euro zone economies and the economy American largest economy in the world.

At 05:13 am GMT the EURUSD fell 0.01% to 1.1170 levels compared to the opening at 1.1171 after the pair reached a session low of 1.1169, while hitting a high of 1.1180.

Markets are currently awaiting the euro zone's largest economies, Germany, to reveal the seasonally adjusted preliminary Q2 GDP reading which may reflect a 0.1% contraction versus 0.4% growth in the first quarter. Vs. 0.6% growth in the prior quarterly annual reading.

This comes before the second largest economy in the Eurozone France will see the release of the final CPI reading which may reflect a steady contraction of 0.2%, little changed from the initial reading of June and against 0.2% growth in the previous reading for May. , Before we see the release of the preliminary reading of the employment change for the euro area as a whole which may show the stability of growth at 0.3% during the first quarter.

This comes in conjunction with the release of the seasonally adjusted preliminary reading of the Eurozone's GDP index as a whole which may reflect a stable growth of 0.2%, little changed from the previous reading of the first quarter, as the annual reading of the same indicator may show the stability of growth at 1.1%, and with the release of the reading The seasonally adjusted industrial production index is also for the region as a whole which may reflect a 1.4% decline versus a 0.9% rise in May.

On the other hand, the market is currently looking for the US economy to reveal the import price index, which may reflect stability at zero levels against a decline of 0.9% in the previous reading for the month of June, while the annual reading of the same indicator may show the stability of the decline at 2.0% below Little change from what it was in June.

Technical Analysis

The EURUSD ended yesterday's trading below the 1.1180 level, putting the pair under expected negative pressure for the coming period, on its way to achieving negative targets starting at 1.1100 and extending to 1.1000.

Therefore, the bearish bias is likely for today, supported by the negativity of Stochastic and SMA 50, noting that breaching 1.1180 then 1.1210 will stop the expected decline and push the price to start fresh recovery attempts.

Expected trading range for today is between 1.1080 support and 1.1240 resistance.

Expected trend for today: Bearish.

EURUSD

The pair continues to consolidate, forming a "downward flag" trend pattern. Probably the pair will remain in it until the ECB's decision on monetary policy in early September.

The price is below the middle Bollinger band, above the SMA 5, but below 14. RSI moves horizontally along the level of 50% and uninformative. Stoch unfold upwards in the oversold zone.

Trading recommendations:

If the pair holds above 1.1160, it will continue to move in the range. It possible to buy a pair with a local target of 1.1220, and then sell it approximately from this level with its probable decrease to 1.1160.

The Australian dollar fluctuated in a narrow range, tilted to the downside during the Asian session to witness the rebound for the second session in five sessions from its lowest since March 18, 2009 against the US dollar following the developments and economic data that followed the Australian economy and on the eve of developments and economic data expected today Tuesday by the US economy the world's largest economy.

At 02:40 AM GMT, the Australian dollar against the US dollar rose 0.16% to 0.6763 levels compared to the opening levels at 0.6753, after the pair achieved the highest during the trading session at 0.6764, while the lowest level at 0.6748.

The Reserve Bank of Australia's assistant governor on financial markets followed Christopher Kent at breakfast at the Treasury and Treasury in Sydney, before the release of the Australian National Bank's business confidence index showed a widening of 2 to 4 in June. Last June, while the same index of confidence in current conditions showed a widening of 2 to 4 in June.

Reserve Bank of Australia Governor Philip Lowe noted in his testimony to the Australian House of Representatives last weekend that the Reserve Bank of Australia is ready to expand interest rate cuts if needed to support the labor market and stimulate inflation. In quick succession, we believed it was appropriate to wait and assess the consequences of monetary easing.

RBA Governor Lowe said last Friday that it was reasonable to expect a prolonged period of low interest rates in Australia, saying it was unlikely but likely to move to a minimum level of zero interest rates, adding that he hoped to be able to avoid that. , While stating that he would be willing to use exceptional monetary policy if warranted.

Lowe's testimony before the Australian parliament came before we also saw last weekend the Reserve Bank of Australia unveiled its monetary policy statement following the Reserve Bank of Australia's monetary policy makers' decision last week to keep interest rates at 1.00% following a 25bp cut. In the previous two meetings of the lowest ever.

In the same context, the monetary policy statement of the Reserve Bank of Australia meeting held on the sixth of this month that monetary policy makers believe that the core inflation rate may reach 1.5% by December, before growth accelerates to 1.75% by the end of Next year to 2% by the middle and end of 2021, amid the indication that near-term risks to economic growth are more to the downside.

On the other hand, markets are looking ahead to the US economy to reveal inflation data with the release of the CPI reading which may reflect the acceleration of growth to 0.3% vs. 0.1% in June, while the core reading of the same indicator may show growth slowed to 0.2% vs. The annualized reading of the index may show acceleration of growth to 1.7% vs. 1.6%, and the annual core reading may reflect stable growth at 2.1%.

Technical Analysis

AUDUSD is showing quiet negative trading to creep towards our first awaited target at 0.6700, and we note that Stochastic begins to cross negatively, providing a good incentive to support further downside expectations in the coming sessions, noting that exceeding the mentioned target will push the price to 0.6625 as the next stop.

Therefore, the bearish scenario will remain valid for today, provided it holds below 0.6830.

Expected trading range for today is between 0.6700 support and 0.6800 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 third session in six sessions from the highest since July 19 last against the US dollar on the eve of developments and economic data expected on Tuesday by euro zone economies and the economy American largest economy in the world.

At 05:18 am GMT, EUR / USD fell 0.22% to 1.1189 levels from the opening at 1.1214 after the pair reached a session low of 1.1182, while hitting a high of 1.1220.

The euro zone's largest economy, Germany, is also awaiting the release of the final CPI reading, which may reflect a stable growth of 0.5%, unchanged from the initial reading of July and against 0.3% last June. The wholesale inventories price index also reads for Germany which may reflect a 0.2% rise versus a 0.5% decline in June.

This comes ahead of the release of the ZEW Economic Sentiment for Germany and the Eurozone economies as a whole, which may reflect the widening contraction in Germany and the region as a whole to 27.8 and 21.7 versus 24.5 and 20.3 respectively in July. The report recently touched on the desire of Italian Deputy Prime Minister Matteo Salvini to hold early elections by October 13 as the government coalition nears collapse.

On the other hand, investors are currently awaiting the US economy to reveal inflation data with the release of the CPI reading which may reflect the acceleration of growth to 0.3% vs. 0.1% in June, while the core reading of the same index may show growth slowed to 0.2% vs. The annualized reading of the index may show acceleration of growth to 1.7% vs. 1.6%, and the annual core reading may reflect stable growth at 2.1%.

Technical Analysis

EUR / USD is back to fluctuate at 1.1180, where it is affected by stochastic negativity, as well as the price finds a strong intraday resistance level formed by SMA 50 in front of continuous positive attempts, and needs to overcome this barrier to confirm the continuation of the main positive scenario.

In general, we continue to favor the bullish trend over the coming period provided stability above 1.1180, where breaking this level will press the price down and achieve negative targets starting at 1.1100 and extending to 1.1000, while the next targets for the suggested upside wave are at 1.1350 then 1.1443.

Expected trading range for today is between 1.1130 support and 1.1290 resistance

Expected trend for today: Bullish

Gold futures fluctuated in a narrow upward range during the Asian session to see their stability near the highest in more than six years, ignoring the rise of the US dollar index according to the inverse relationship between them on the eve of developments and economic data expected on Tuesday from the US economy, the world's largest economy In the shadow of concern over growing protests in Hong Kong and trade tensions between Washington and Beijing.

Gold futures for December 15 rose 0.28% to trade at $ 1,523.60.60 an ounce compared to the opening at $ 1,510.25 an ounce, while the US dollar index rose 0.13% to 97.61 compared to the opening at 97.48.

Investors in the US economy are currently awaiting the release of inflation data with the release of the CPI reading which may reflect an acceleration of growth to 0.3% vs. 0.1% in June, while the core reading of the index itself may show growth slowed to 0.2% vs. 0.3%. While the annualized reading of the index may show that growth accelerated to 1.7% vs. 1.6%, the annual core reading may reflect a stable growth of 2.1%.

Technical Analysis

Gold has been able to confirm a breach of 1510.00 after yesterday's trading above it, supporting expectations of the continuation of the main bullish trend, noting that our next targets start at 1526.85 and extend to 1560.00 after exceeding the previous level.

Therefore, we await further rallies in the coming sessions provided that the price holds above 1497.00.

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

Expected trend for today: Bullish

The US dollar fluctuated in a narrow range that tends to decline during the Asian session to witness the rebound to the second session of its lowest since January 3 last January against the Japanese yen following the developments and economic data followed by the Japanese economy, the third largest economy in the world and on the threshold of developments and upcoming economic data Tuesday by the largest US economy in the world.

At 06:00 GMT, the USDJPY rose 0.09% to 105.39 levels from 105.30 opening levels, after hitting a session high of 105.58 and a low of 105.16.

The Japanese economy followed the release of inflation data with the release of the producer price index, which is a preliminary indicator of inflationary pressures, which showed steady at zero levels against a contraction of 0.5% last June, contrary to expectations for 0.1% growth, while the annual reading showed The index itself widened to 0.6% vs. 0.1%, worse than expectations for a 0.5% contraction.

This came before the third largest industrialized country in the world witnessed the release of the industrial sector data with the release of the Tertiary Industrial Index which showed a 0.1% decline in line with expectations against the stability at zero levels last May, leading to the release of the annual preliminary reading. The Machinery Equipment Orders showed that the decline shrank to 33.0% from 37.9% in June.

On the other hand, investors are currently awaiting the US economy to reveal inflation data with the release of the CPI reading which may reflect the acceleration of growth to 0.3% vs. 0.1% in June, while the core reading of the same index may show growth slowed to 0.2% vs. The annualized reading of the index may show acceleration of growth to 1.7% vs. 1.6%, and the annual core reading may reflect stable growth at 2.1%.

Technical Analysis

USDJPY is testing the 105.50 resistance level, which was previously broken and still below it, accompanied by the gradual loss of positive momentum by Stochastic, whilst the SMA 50 is a continuous negative pressure against the price.

Thus, these factors encourage us to hold onto our bearish outlook, with the next target at 104.60, while a break above 105.50 then 106.00 is the key to the intraday upside move.

Expected trading range for today is between 104.60 support and 106.00 resistance

Expected trend for today: Bearish

Google shares return to the channel, which was traded after the jump formed by the past two weeks. To open today with a bearish price gap.

The 20 MA is a support level near the 38.2 Fibonacci retracement level.

The price action is under the positive pressure of the 20-50 moving averages that are moving below

the price and forming support levels, while the moving average 7 forms a resistance level.

Stochastic is in a bullish move which reflects the strength of the price support

The general direction of the movement: a bullish path

EURUSD

The pair is consolidating in a narrow range in anticipation of the release of data from ZEW for Germany in the Eurozone, as well as updated values of consumer inflation in the US. 

The price is below the middle Bollinger band, below EMA 5 and SMA 14. RSI moves horizontally along the level of 50% and uninformative. Stoch turned down.

Trading recommendations: 
If inflation data in the US come weaker than forecasts, and the ZEW Institute’s, on the contrary, higher, the pair can break out of the figure of "descending flag" up and rush to 1.1280. At the same time, the reverse pattern will cause the price to fall to 1.1115 after it breaks out of the figure down.

AUDUSD is beginning to bounce lower after testing the 0.6830 level, and we note that Stochastic has lost its positive momentum to move around overbought areas, supporting the chances of resuming the main bearish trend, targeting 0.6700 then 0.6625 as the next major stops.

From here, our bearish outlook will remain valid as long as 0.6830 remains intact.

Expected trading range for today is between 0.6720 support and 0.6850 resistance

Expected trend for today: Bearish.