Analytic reviews

Gold futures traded in a tight range slipping towards the Asian session to bounce back from July 19, when it tested its highest since May 10, 2013 as the dollar index rose for the seventh session in nine sessions from the lower Since the fourth of this month according to the inverse relationship between them following the developments and economic data that followed on the Japanese economy and on the eve of developments and economic data expected Tuesday from the US economy, the largest economy in the world.

Gold futures for December delivery fell 0.15% to currently trade at $ 1,437.40 per ounce compared with the opening at $ 1,439.50 per ounce. The contracts opened the session on a bullish price gap after concluding Yesterday's trading at $ 1,433.30 an ounce, amid the dollar index rose 0.05% to 98.13 compared to the opening at 98.08.

We followed the Japanese economy as the third economy in the world to disclose data that will work with the reading of the Unemployment Rate Index which showed a drop to 2.3% last May and expectations at 2.4%. In the same context, Down to 1.61 from the previous reading for May and 1.62.

This was before we also saw the world's third-largest industrial manufacturing data release with a preliminary reading of industrial production, which showed a 3.6% drop from 2.0% in May, worse than the 1.7% The index itself expanded to 4.1% from 2.1% in the previous reading for May, in contrast to expectations of a decline of 2.0%.

To the Bank of Japan's decision to keep rates unchanged at 0.10% amid maintaining the asset purchase program unchanged as well as future interest rate trends. With the Bank of Japan cutting its inflation and growth forecasts for the world's third-largest economy, And is looking forward to a press conference by Bank of Japan Governor Haruhiko Kuroda in Tokyo.

This comes in line with investors' expectations of what will result from the trade negotiations between the United States and China, the world's two largest economies and the two largest industrialized countries, which resumed this week after it was suspended in May with the travel of an American trade delegation led by US Trade Representative Robert China's Lightzer earlier this week, before a Chinese trade delegation heads to Washington by next month.

Otherwise, investors are currently looking for the US economy to reveal spending and personal income data that may reflect slowing personal spending growth to 0.3% from 0.4% in May, slowing personal income growth to 0.3% versus 0.5% in May, and may The Core Personal Consumption Expenditures report shows a slowdown in growth to 0.1% versus 0.2% in May.

This comes ahead of the release of the consumer confidence index, which may expand to 125.2 from 121.5 in June, coinciding with the release of housing market data with the release of existing home sales, which may indicate slowing growth to 0.3 From 1.1% in May, to the launch of the FOMC meeting today and Wednesday in Washington.

Markets are pricing opportunities for Fed monetary policy makers to cut rates for the first time in more than a decade by 25 basis points to between 2.00% and 2.25% by more than 70% and by 50 basis points to 1.75% And 2.00% by nearly 30% according to the Vedomatch tool by the CMA group. This comes ahead of the expected press conference of Federal Reserve Governor Jerome Powell.

Technical Analysis

The price of gold offered positive trading yesterday to surpass the 50 MA to support the continuation of the main upside trend targeting 1450.00 initially.

A break below 1430.00 is required to facilitate the achievement of the awaited positive targets, with the breach of the above mentioned level extending the upside wave to 1500.00 in the near term, while the expected upside will remain intact provided stability above 1410.90.

The trading range for today is among the key support at 1415.00 and resistance at 1445.00

The general trend for today is bullish.

The single currency of the European Union region fluctuated in a tight range in the Asian session against the US dollar on the eve of economic developments and data expected on Tuesday by Eurozone economies and the US economy, the largest economy in the world, This month.

At 05:08 GMT, the EURUSD dropped 0.06% to 1.1138, compared to the opening at 1.1145, after the pair reached a low of 1.1134 and a high of 1.1147.

The markets are currently looking at the French economy, the region's second-largest economy, to reveal second-quarter growth data with the preliminary reading of the Gross Domestic Product (GDP), which may reflect a stable 0.3% growth, unchanged from the previous quarter. The index's annual growth rate accelerated to 1.3% versus 1.2% in the annual reading for the first quarter.

This comes before we see Germany's largest economy showing a statistical reading of the GFK Consumer Sentiment Index, which could reflect a contraction of 9.7 vs. 9.8 in July, before the release of the French consumer spending reading, which may reflect a slowdown Growth to 0.2% versus 0.4% in May, and with the disclosure of the French Treasury budget for last month.

To see inflation data for Germany with the release of the preliminary reading of the consumer price index, which may reflect the stability of growth at 0.3%, unchanged from June, otherwise, we have followed earlier this week, the demand of the new British Foreign Minister Dominique Rab to the European Union to move on a file The departure of his country from him, expressing the fact that the Union is stubborn about that file and that if continued stubbornness must prepare to go out without agreement.

On the other hand, investors are currently looking for the US economy to disclose spending and personal income data that may reflect a slowdown in personal spending growth to 0.3% from 0.4% in May, and personal income growth slowing to 0.3% from 0.5% in May, A reading of the Core Personal Consumption Expenditure Index may show growth slowing to 0.1% versus 0.2% in May.

This comes ahead of the release of the consumer confidence index, which may expand to 125.2 from 121.5 in June, coinciding with the release of housing market data with the release of existing home sales, which may indicate slowing growth to 0.3 From 1.1% in May, to the launch of the FOMC meeting today and Wednesday in Washington.

Technical Analysis

The sideways and narrow range continues to dominate the EUR / USD pair, while the SMA 50 is a continuous negative pressure against the price. Therefore, there is no change in the expected bearish scenario for the next period, which depends on stability below 1.1180, while its main targets start at 1.1100 and extends to 1.1000.

The trading range for today is expected between 1.1040 and 1.1200 support

The general trend for today is bearish.

The Australian dollar fluctuated in a narrow bullish range during the Asian session to see its rebound to its second-lowest session since June 20 against the US dollar following the economic developments and data that followed it on the Australian economy and on the eve of developments and economic data expected Tuesday by the US economy The world's largest economy, including the launch of the July 30-31 meeting of the Federal Commission.

At 02:59 GMT, the Australian dollar was up 0.06% at 0.6909, compared with the opening levels of 0.6902, after reaching a high of 0.6908, while reaching a low of 0.6895.

We also followed the Australian economy's release of the housing market data with the construction permits reading showing a decline of 1.2% from 0.3% last May, worse than expectations for a slowdown of 0.2%, while the annual reading of the same index showed a widening decline To 25.6% compared to 19.2% in the previous annual reading for May, also worse than expectations, which indicated a widening decline to 24.3%.

On the other hand, investors are currently looking for the US economy to disclose spending and personal income data that may reflect a slowdown in personal spending growth to 0.3% from 0.4% in May, and personal income growth slowing to 0.3% from 0.5% in May, A reading of the Core Personal Consumption Expenditure Index may show growth slowing to 0.1% versus 0.2% in May.

This comes ahead of the release of the consumer confidence index, which may expand to 125.2 from 121.5 in June, coinciding with the release of housing market data with the release of existing home sales, which may indicate slowing growth to 0.3 From 1.1% in May, to the launch of the FOMC meeting today and Wednesday in Washington.

Technical Analysis

The AUDUSD did not show any strong movement yesterday, as it continues to fluctuate around the 0.6900 level, awaiting the resumption of the bearish trend within the descending channel appearing in the picture, where our next target is at 0.6832.

SMA 50 continues to support the suggested bearish wave, which requires stability to remain below 0.6975.

The trading range for today is among the key support at 0.6840 and resistance at 0.6950

The general trend for today is bearish.

The US dollar fluctuated in a tight range slipping into the US session to see its rebound from its highest since July 10, when it tested its highest since late May against the Japanese Yen following developments and economic data that followed the Japanese economy and on the eve of developments And economic data expected Tuesday by the US economy, the largest economy in the world.

At 06:05 GMT, the USDJPY dropped 0.14% to 108.63 from the opening levels at 108.78, after hitting a session low of 108.56 and a three-week high of 108.95. .

We followed the Japanese economy as the third economy in the world to disclose data that will work with the reading of the Unemployment Rate Index which showed a drop to 2.3% last May and expectations at 2.4%. In the same context, Down to 1.61 from the previous reading for May and 1.62.

This was before we also saw the world's third-largest industrial manufacturing data release with a preliminary reading of industrial production, which showed a 3.6% drop from 2.0% in May, worse than the 1.7% The index itself expanded to 4.1% from 2.1% in the previous reading for May, in contrast to expectations of a decline of 2.0%.

To the Bank of Japan's decision to keep rates unchanged at 0.10% amid maintaining the asset purchase program unchanged as well as future interest rate trends. With the Bank of Japan cutting its inflation and growth forecasts for the world's third-largest economy, And is looking forward to a press conference by Bank of Japan Governor Haruhiko Kuroda in Tokyo.

On the other hand, investors are currently looking for the US economy to disclose spending and personal income data that may reflect a slowdown in personal spending growth to 0.3% from 0.4% in May, and personal income growth slowing to 0.3% from 0.5% in May, A reading of the Core Personal Consumption Expenditure Index may show growth slowing to 0.1% versus 0.2% in May.

This comes ahead of the release of the consumer confidence index, which may expand to 125.2 from 121.5 in June, coinciding with the release of housing market data with the release of existing home sales, which may indicate slowing growth to 0.3 From 1.1% in May, to the launch of the FOMC meeting today and Wednesday in Washington.

Markets are pricing opportunities for Fed monetary policy makers to cut rates for the first time in more than a decade by 25 basis points to between 2.00% and 2.25% by more than 70% and by 50 basis points to 1.75% And 2.00% by nearly 30% according to the Vedomatch tool by the CMA group. This comes ahead of the expected press conference of Federal Reserve Governor Jerome Powell

The US dollar fluctuated in a tight range slipping into the US session to see its rebound from its highest since July 10, when it tested its highest since late May against the Japanese Yen following developments and economic data that followed the Japanese economy and on the eve of developments And economic data expected Tuesday by the US economy, the largest economy in the world.

At 06:05 GMT, the USDJPY dropped 0.14% to 108.63 from the opening levels at 108.78, after hitting a session low of 108.56 and a three-week high of 108.95. .

We followed the Japanese economy as the third economy in the world to disclose data that will work with the reading of the Unemployment Rate Index which showed a drop to 2.3% last May and expectations at 2.4%. In the same context, Down to 1.61 from the previous reading for May and 1.62.

This was before we also saw the world's third-largest industrial manufacturing data release with a preliminary reading of industrial production, which showed a 3.6% drop from 2.0% in May, worse than the 1.7% The index itself expanded to 4.1% from 2.1% in the previous reading for May, in contrast to expectations of a decline of 2.0%.

To the Bank of Japan's decision to keep rates unchanged at 0.10% amid maintaining the asset purchase program unchanged as well as future interest rate trends. With the Bank of Japan cutting its inflation and growth forecasts for the world's third-largest economy, And is looking forward to a press conference by Bank of Japan Governor Haruhiko Kuroda in Tokyo.

On the other hand, investors are currently looking for the US economy to disclose spending and personal income data that may reflect a slowdown in personal spending growth to 0.3% from 0.4% in May, and personal income growth slowing to 0.3% from 0.5% in May, A reading of the Core Personal Consumption Expenditure Index may show growth slowing to 0.1% versus 0.2% in May.

This comes ahead of the release of the consumer confidence index, which may expand to 125.2 from 121.5 in June, coinciding with the release of housing market data with the release of existing home sales, which may indicate slowing growth to 0.3 From 1.1% in May, to the launch of the FOMC meeting today and Wednesday in Washington.

Markets are pricing opportunities for Fed monetary policy makers to cut rates for the first time in more than a decade by 25 basis points to between 2.00% and 2.25% by more than 70% and by 50 basis points to 1.75% And 2.00% by nearly 30% according to the Vedomatch tool by the CMA group. This comes ahead of the expected press conference of Federal Reserve Governor Jerome Powell.

Technical Analysis

Yesterday, the USD / JPY pair is at 108.93 and finds strong resistance there, supported by Stochastic negativity. As we mentioned yesterday, this level represents the neckline of a double bottom pattern shown in the picture, which means that breaching it will lead the price to make further bullish correction in the short term. The following targets are 109.60 and then 110.25.

All in all, we will maintain our bullish outlook supported by SMA 50 unless 108.10 is broken and stability below it.

The trading range for today is among the key support at 108.10 and resistance at 109.50

The general trend for today is bullish.

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its seventh straight session retreat since April 24 against the US dollar on the brink of economic developments and data expected on Monday by the Australian economy and amid a lack of economic data at the beginning of this Week by the US economy, the world's largest economy.

At 02:56 GMT, the AUDUSD fell 0.04% to 0.6908 compared to the opening levels of 0.6918, after recording a low of 0.6903, while recording a high of 0.6920. The pair started the week on a bullish price gap after closing last week at 0.6911.

Investors are currently looking for Australian housing data to be released as the new home sales index for June comes out, hours before the construction permits reading was also released last month, which could reflect slowing growth to 0.2% from 0.7%. May, while the annual reading of the same index on Tuesday may show a decline to 24.3% versus 19.6%.

On the other hand, markets are looking to kick off the FOMC meeting on Tuesday in Washington ahead of next Wednesday's disclosure of the decisions and directions of the Fed's monetary policy makers and the upcoming Federal Reserve Governor Jerome Powell's upcoming press conference in the shadow of expectations for interest rate cuts Federal Reserve by 25 basis points to between 2.00% and 2.25%.

Technical Analysis

AUDUSD was able to reach and settle around our first target of 0.6900, and is under further negative pressure expected to be affected by the move within the descending channel shown on the chart above, waiting for further downside to visit the 0.6832 level which is our next main target.

Therefore, the bearish trend will remain likely during the coming sessions provided that the price remains stable below 0.6975.

The trading range for today is expected among the support at 0.6850 and resistance at 0.6950

The general trend for today is bearish.

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its rebound for the second session in three sessions from its lowest since May 19, 2017 against the US dollar on the eve of developments and economic data expected Monday by the fourth largest Euro-zone economies Spain and the lack of economic data earlier this week by the US economy.

At 0519 GMT, the EURUSD rose 0.01% to 1.1128, compared to the opening at 1.1127, after reaching a high of 1.1139 and a low of 1.1120.

The markets are now looking for inflation data for Spain with the annual CPI reading, which may reflect a rapid growth to 0.6% versus 0.4% in June. Otherwise, we also followed Spain last week. Spanish Prime Minister Pedro Sanchez failed to win With the confidence of the House of Representatives, leaving it to a dead end until September 23 to find a formula that would allow it to remain in power or hold early parliamentary elections in Spain by next November.

On the other hand, markets are looking to kick off the FOMC meeting on Tuesday in Washington ahead of next Wednesday's disclosure of the decisions and directions of the Fed's monetary policy makers and the upcoming Federal Reserve Governor Jerome Powell's upcoming press conference in the shadow of expectations for interest rate cuts Federal Reserve by 25 basis points to between 2.00% and 2.25%.

Technical Analysis

The EUR / USD pair has shown a strong movement in the past sessions to fluctuate within a tight run around 1.1130. Therefore, there is no change in the expected bearish trend for the coming period, which depends on stability below 1.1180, while its targets start to break above the 1.1100 level About 1.1000.

The trading range for today is expected between 1.1040 and 1.1200 support

The general trend for today is bearish.

Gold futures traded in a tight range sloping upward during the Asian session to see their rebound to its third-lowest session since July 17, deflecting the US dollar index for the sixth session in eight sessions of its lowest since the fourth of this month according to the inverse relationship between them Amid a lack of economic data earlier this week by the US economy, the world's largest economy.

Gold futures for December delivery rose 0.10% to currently trade at $ 1,433.40 per ounce compared to the opening at $ 1,431.90 an ounce, while the dollar index rose 0.01% to 98.00 compared to the opening at 97.99.

Investors are now eyeing what will result in the resumption of trade negotiations between the United States and China amid the travel of a US trade delegation led by US Trade Representative Robert Lightzer to Beijing on Monday for a new round of trade talks between the world's two largest economists as part of efforts to resolve trade disputes And contain the trade war between Washington and Beijing.

Last week, White House economic adviser Larry Kudlow said he expected the two sides not to gain a broad understanding during this week's trade talks in China before a Chinese trade delegation heads to Washington later to complete the talks. In creating the space for further talks that contribute to reducing trade restrictions between the parties.

US President Donald Trump issued a memorandum last week aimed at guiding the World Trade Organization (WTO) to change its definition of developing countries. The US administration said in a memorandum that the United States would stop treating those countries as developing countries, Tangible progress towards reforming that situation within 90 days.

Trump noted that the WTO's reform called for by the World Trade Organization (WTO) was aimed at preventing unilaterally declared developing countries from reaping unfair trade benefits. A number of WTO members - Turkey, Hong Kong, Brunei, Macau, as well as South Korea, the United Arab Emirates, Kuwait and Qatar, describe themselves as developing countries, although they are rich countries.

In another context, US President Trump said last week after the preliminary reading of US GDP showed the largest economy expanded the world's 2.1% in the second quarter of the past, the fact that the economic growth of America during the last quarter was not bad, given the heavy load that weighs heavily Which lies in the Fed's expanded leverage of federal funds.

The White House economic adviser said last Friday that the administration of US President Donald Trump "excluded" the intervention to reduce the dollar, and comes hours before the start of the meetings of the Federal Open Market Committee on Tuesday in Washington before the disclosure next Wednesday on the decisions and directions of monetary policy makers The Federal Reserve and the forthcoming press conference of Federal Reserve Governor Jerome Powell.

Technical Analysis

Gold continues to oscillate sideways around the SMA 50, maintaining its stability above the 1410.90 support level, keeping the bullish scenario intact as it targets 1450.00 as the first major stop.

Keep in mind that a break of 1410.90 will press the price to make further bearish correction with the next target at 1384.95.

The trading range for today is expected among the support at 1410.00 and resistance at 1440.00

The general trend for today is bullish.

The US dollar fluctuated in a narrow range slipping into the US session to see its rebound for the second session of its highest since July 10, when it tested its highest since late May against the Japanese yen following developments and economic data followed Monday by the economy As economic data at the beginning of this week were overshadowed by the US economy, the world's largest economy.

At 05:57 GMT, the pair dropped 0.07% to 108.60, compared with the opening levels at 108.68, after reaching a low of 108.42 and a high of 108.72.

We followed the Japanese economy to reveal the seasonally adjusted quarterly retail sales, which showed stability at zero, versus 1.3% in May, in contrast to expectations of a 0.3% decline. The same annualized reading showed that growth slowed to 0.5% versus 1.3%. % In the previous annual reading for May, also surpassed forecasts that indicated a slowdown in growth to 0.2%.

This comes hours before the Bank of Japan meets Tuesday in Tokyo, where the central bank's monetary policy makers are expected to keep short-term benchmark interest rates as zero as stimulus policies and monetary easing are introduced to support the performance of the world's third-largest economy and stimulate pressure growth Inflation to reach the target of the bank at two percent.

On the other hand, markets are looking to kick off the FOMC meeting on Tuesday in Washington ahead of next Wednesday's disclosure of the decisions and directions of the Fed's monetary policy makers and the upcoming Federal Reserve Governor Jerome Powell's upcoming press conference in the shadow of expectations for interest rate cuts Federal Reserve by 25 basis points to between 2.00% and 2.25%.

Technical Analysis

The pair is showing some slight bearishness after approaching the 108.93 level, noting that Stochastic has managed to shed its negative momentum to gain a positive momentum that is expected to contribute to push the price to breach the mentioned level and then rush to achieve further gains expected in the coming period, The level mentioned is a possible neckline for a double bottom model showing its features.

From here, we continue to favor the bullishness over the short and short term, provided that the pair remains stable above 108.10, noting that the following positive targets extend to 109.60 and then 110.25.

The trading range for today is among the key support at 108.00 and resistance at 109.20

The general trend for today is bullish.

Shares of  Sberbank continue the bearish path after it came out of the bullish channel that was floating in it.

The price was able to break through the moving averages and the movement is moving below the 20-50-7 moving averages consistently

Moving above the price and forming price resistance levels

The stochastic has emerged from the oversold area but is in a sideways path near this area in reference to the bearish path

The expected movement between support 224.47 and resistance 258.39

General trend of the movement: bearish.

GBPUSD

With Boris Johnson as the Prime Minister, the no-deal Brexit scenario is more likely, which increases pressure on the GBP rate.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is testing the boundary of the oversold zone. Stoch are also there and are uninformative.

Trading recommendations:

Expect the pair to continue dropping to 1.2300 if it holds below 1.2385.