Analytic reviews

Gold futures traded in a tight range slipping towards the Asian session to see their fourth session retreat in six sessions from its highest since June 21, when it tested its highest since May 14 of 2013, amid the positive stability of the dollar index according to Of the inverse relationship between them after the developments and economic data that followed Wednesday by the Chinese economy, the world's largest consumer of metals.

On the eve of the economic developments and data expected by the US economy, the world's largest economy, which includes the first half of the Fed's semi-annual testimony to the US Congress in Washington, June in Washington.

Gold futures for August delivery fell 0.38% to currently trade at $ 1,394.70 per ounce from the opening at $ 1,400.00 an ounce, while the US dollar index rose 0.02% to 97.51 compared to the opening at 97.419.

We have followed the Chinese economy to reveal the inflation data, which showed the stability of the growth of inflationary pressures with the annual reading of the consumer price index stabilized growth of 2.7%, unchanged from the previous reading last year of May, consistent with expectations, the annual reading The PPI showed stability at zero levels versus 0.6% growth in May, below expectations of 0.2%.

On the other hand, investors are currently awaiting the US economy for the final reading of the wholesale stocks index, which may show a stable growth of 0.4%, unchanged from the preliminary reading for May and against 0.8% growth in April, in conjunction with the launch of half The first from Federal Reserve Governor Jerome Powell's semi-annual policy on monetary policy to the House Financial Services Committee.

To reveal the minutes of the Federal Committee meeting held on June 18-19, during which Federal Reserve policy makers kept benchmark interest rates between 2.25% and 2.50% for the fourth meeting in a row, revealing their expectations at the time Federalism over growth rates, inflation and unemployment as well as future interest rates for the next three years.

The Federal Commission last month dropped the word "patient" from its statement and added "we will act as necessary" to maintain the economy, which in turn opened the way for a possible reduction in federal interest rates later. In particular, Members see a reduction this year, knowing that the average forecast did not reflect any reduction this year, but next year 2020.

At a press conference following the Federal Reserve meeting in Washington, Fed Governor Paul said that some Fed monetary policy makers believe the issue of soft monetary policy has been strengthened, stressing that the Commission will continue to monitor developments and economic data closely in the coming period to determine The future of monetary policy depending on those developments and data.

We would like to point out that Powell noted early this month that the broader market expectations of a federal interest rate cut at the next FOMC meeting were not necessarily achieved, limiting the chances of a reduction in the Fed at the next meeting on July 30-31. , And fell expectations of markets down last Friday with the addition of the US economy last month jobs exceeded expectations.

Technical Analysis

Gold has tested a new test of 1400.30 and maintained its stability below it, where SMA 50 meets this resistance to add more strength to it, noting that Stochastic is providing a negative cross signal now, which is a negative incentive waiting for it to contribute the price to resume the downside correction , Which targets 1376.30 as a next stop.

Therefore, the bearish trend will remain likely for the coming period unless the breach is breached at 1400.30 and stability above it.

The trading range for today is among the support at 1376.00 and resistance at 1405.00.

The general trend for today is bearish.

USDCAD

The pair is consolidating below 1.3140 in anticipation of the Bank of Canada monetary policy meeting, as well as Jerome Powell’s speech at the Senate. If the Canada’s central bank hints at possible interest rates reduction, while the Fed’s Chair doesn’t mention this at the Sente Banking Committee, the pair will receive support.

The price is above the middle Bollinger band, on the level of SMA 5 and above SMA 14. RSI is moving horizontally along the overbought territory. Stoch are moving down.

Trading recommendations:

Buy the pair after it goes above 1.3140 with a possible further movement to 1.3225.

Google shares were unable to breach the resistance at 1136.60 as the SMA 50 formed a barrier to the price and pushed it down again.

Price action under the negative pressure effect of the moving averages, especially the moving average 50 which approached the resistance 1136.14.

The moving average 20 moves below the price and forms the first support level for the price.

Stochastic in the overbought area will push the price to test support levels at the 7-20 moving averages.

General direction of the movement: a downward trend.

Gold futures traded in a tight range slipping towards the Asian session to see their fifth session retreat from its highest since June 25, when it tested its highest since May 14, 2013, amid the positive stability of the US dollar index According to the opposite relationship between them on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world, including the talk of Fed Governor Graum Powell and members of the Federal Open Market Committee.

Gold futures for August delivery fell 0.06% to currently trade at $ 1,397.00 per ounce, compared to the opening at $ 1,397.90 an ounce. The contracts started trading on a bearish price gap after closing Yesterday at $ 1,400.00 an ounce, amid the dollar index rose 0.01% to 97.39 compared to the opening at 97.38.

Investors are waiting for Federal Reserve Governor Jerome Powell to make the opening remarks at the event hosted by the Federal Reserve Bank of Boston, before we also see the US economy reading a statistical employment and employment turnover that may reflect a rise to 7.51 million versus 7.44 million in April Last April.

This comes hours after the release of the US labor market data for June, which showed last Friday, rising unemployment rates from the lowest in 49 years to 3.7% compared to the previous May and expectations at 3.6%, while the average income per hour The pace of growth slowed to 0.2% from the previous reading and forecasts at 0.3%.

In the same context, we followed Friday's reading of the Non-Farm Employment Change Index, which accelerated job creation to 224,000 versus 72,000 in May, limiting opportunities for interest rate cuts at the next FOMC meeting and weighing expectations Down 25 basis points to 50 basis points, now forecasting a 25bp cut or postponement of a cut to another one.

Federal Open Market Committee Chairman James Pollard, who is due to deliver the opening address at the meeting of the Federal Forum on Cash and Financial Institutions in St. Louis and Federal Reserve Vice Governor Randall Quarles, who is scheduled to speak about the test Stress at the event hosted by the Boston Federal Reserve Bank.

Elsewhere, markets are looking for Federal Reserve Governor Paul to open the first half of the half-yearly monetary policy testimony before the House Financial Services Committee on Wednesday before giving his second half-day testimony to the Senate Banking Committee in Washington, Investors are waiting for any hints about the future monetary policy that the Federal Reserve may adopt later.

Investors are also looking forward to Wednesday's minutes of the Federal Committee meeting held on June 18-19, during which Fed policymakers kept benchmark interest rates between 2.25% and 2.50% for the fourth consecutive meeting with their disclosure Then the Federal Reserve's expectations of growth rates, inflation and unemployment as well as future interest rates for the next three years.

The Federal Commission last month dropped the word "patient" from its statement and added "we will act as necessary" to maintain the economy, which in turn opened the way for a possible reduction in federal interest rates later. In particular, Members see a reduction this year, knowing that the average forecast did not reflect any reduction this year, but next year 2020.

At a press conference following the Federal Reserve meeting in Washington, Fed Governor Paul said that some Fed monetary policy makers believe the issue of soft monetary policy has been strengthened, stressing that the Commission will continue to monitor developments and economic data closely in the coming period to determine The future of monetary policy depending on those developments and data.

We would like to point out that Powell noted early this month that the broader market expectations of a federal interest rate cut at the next FOMC meeting were not necessarily achieved, limiting the chances of a reduction in the Fed at the next meeting on July 30-31. , And fell expectations of markets down last Friday with the addition of the US economy last month jobs exceeded expectations.

Technical Analysis

The price of gold ended yesterday's trading below 1400.30, and the negative pressure remains intact, awaiting the resumption of the bearish trend to visit 38.2% Fibonacci at 1376.30, which is our next main target.

Therefore, we will keep our bearish bias intact unless the levels of 1400.30 and 1405.00 are breached and stability above it, noting that breaking this level will extend the downside wave to 1357.00 as the next major station.

The trading range for today is among the support at 1376.00 and resistance at 1410.00.

The single currency of the European Union region fluctuated in a tight range to rise during the Asian session to see its rebound to its second-lowest session since June 19 against the US dollar on the eve of economic developments and data expected Tuesday by the Italian economy and its US counterpart, Fed Jerome Powell and members of the Federal Open Market Committee.

At 4:31 am GMT, the EURUSD rose 0.02% to 1.1216, compared to the opening at 1.1214 after the pair reached a high of 1.1219 and a low of 1.1210.

The markets are currently looking for Italy's third-largest economy to read retail sales, which could show a 0.2% rise from zero in April, following Brussels's decision to stop countermeasures against Rome. The European Michel Barnier with the Minister of the file of Britain's exit from the European Union, Stephen Barclay as part of talks between the parties on the issue of Britain's exit from the Union.

On the other hand, investors are currently waiting for Fed Chairman Jerome Powell to present the opening remarks at the event hosted by the Federal Reserve Bank, before we also see the US economy reading a statistical employment and employment turnover that may reflect a rise to 7.51 million versus 7.44 Million in April.

Federal Open Market Committee Chairman James Pollard, who is due to deliver the opening address at the meeting of the Federal Forum on Cash and Financial Institutions in St. Louis and Federal Reserve Vice Governor Randall Quarles, who is scheduled to speak about the test Stress at the event hosted by the Boston Federal Reserve Bank.

Technical Analysis

The EUR/USD pair is trading sideways to gradually approach our awaited target at 1.1180, and the 50 MA continues to push the pair lower to support the breach of the mentioned level and open the way to targeting 1.1100 as a next downside.

Therefore, we will continue to bias the downside during the coming period unless the 1.1260 - 1.1275 levels are breached and stability above it.

The trading range for today is among the key support at 1.1130 and resistance at 1.1275.

The general trend for today is bearish.

The Australian dollar fell during the Asian session to rebound for the fourth consecutive session of its highest since May 7 against the US dollar following the economic data that followed the Australian economy and on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world Including US Federal Reserve Governor Graum Powell and members of the Federal Open Market Committee.

At 0215 GMT, the AUDUSD fell 0.14% to 0.6962 compared with the opening levels at 0.6972, after hitting the lowest level since July 2 at 0.6957. Session trading at 0.6975.

We followed the Australian economy by reading the Australian National Bank of Business Confidence Index, which showed a contraction to 2 versus 7 in May, while the Australian National Bank's confidence in the current situation showed an increase of 3 versus Its value is 1 in May.

On the other hand, investors are currently waiting for Fed Chairman Jerome Powell to present the opening remarks at the event hosted by the Federal Reserve Bank, before we also see the US economy reading a statistical employment and employment turnover that may reflect a rise to 7.51 million versus 7.44 Million in April.

This comes hours after the release of the US labor market data for June, which showed last Friday, rising unemployment rates from the lowest in 49 years to 3.7% compared to the previous May and expectations at 3.6%, while the average income per hour The pace of growth slowed to 0.2% from the previous reading and forecasts at 0.3%.

In the same context, we also followed at the end of last week. The Non-Farm Employment Change Index showed job creation accelerated to 224,000 jobs, up from 72,000 jobs added in May, which weighed in one way or another on interest rate cuts On federal funds during the FOMC meeting on July 30-31, particularly expectations for a 50bp cut.

Federal Open Market Committee Chairman James Pollard, who is due to deliver the opening address at the meeting of the Federal Forum on Cash and Financial Institutions in St. Louis and Federal Reserve Vice Governor Randall Quarles, who is scheduled to speak about the test Stress at the event hosted by the Boston Federal Reserve Bank.

Elsewhere, markets are looking for Federal Reserve Governor Paul to open the first half of the half-yearly monetary policy testimony before the House Financial Services Committee on Wednesday before giving his second half-day testimony to the Senate Banking Committee in Washington, Investors are waiting for any hints about the future monetary policy that the Federal Reserve may adopt later.

Investors are also looking forward to Wednesday's minutes of the Federal Committee meeting held on June 18-19, during which Fed policymakers kept benchmark interest rates between 2.25% and 2.50% for the fourth consecutive meeting with their disclosure Then the Federal Reserve's expectations of growth rates, inflation and unemployment as well as future interest rates for the next three years.

Technical Analysis

The AUDUSD managed to surpass SMA 50 and stability below it, which supports our continued bearish outlook for the upcoming sessions, opening the way towards our next target at 0.6900.

Therefore, we will continue to bias the bearishness over intraday and short term unless the level of 0.7044 is breached and stability above it.

The trading range for today is expected among the support at 0.6900 and the resistance at 0.7000.

The general trend for today is bearish.

The US dollar fluctuated in a narrow range inclined to rise during the US session to witness the highest since May 31 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 Which includes the talk of Federal Reserve Governor Graum Powell and members of the Federal Open Market Committee.

At 0614 GMT, the USDJPY rose 0.05% to 108.77 compared to the opening levels at 108.72 after the pair reached a six-week high of 108.90, while the lowest level at 108.68.

We followed the Japanese economy, the world's third-largest economy, to reveal the annual reading of the average wage index, which showed a contraction of 0.2% to 0.3% in April, compared to expectations of a 0.6% expansion. The annual reading of the bank lending index slowed growth to 2.3% from the previous year's reading for May and expectations of 2.6%.

On the other hand, investors are currently waiting for Fed Chairman Jerome Powell to present the opening remarks at the event hosted by the Federal Reserve Bank, before we also see the US economy reading a statistical employment and employment turnover that may reflect a rise to 7.51 million versus 7.44 Million in April.

Federal Open Market Committee Chairman James Pollard, who is due to deliver the opening address at the meeting of the Federal Forum on Cash and Financial Institutions in St. Louis and Federal Reserve Vice Governor Randall Quarles, who is scheduled to speak about the test Stress at the event hosted by the Boston Federal Reserve Bank.

Technical Analysis

The USD/JPY pair managed to achieve our awaited target at 108.93 and stabilizes near it. The price is still within the corrective correction channel appearing in the image, awaiting a breach of this level towards the next correction level at 109.60.

The pair may see some bearish bias on the negativity of Stochastic before resuming the expected bullish trend, noting that breaking the 108.10 level will stop the bullish corrective scenario and pressure the price to fall again.

The trading range for today is expected among the support at 108.10 and the resistance at 109.60.

The general trend for today is bullish.

EURUSD

The pair is consolidating below 1.1215 in anticipation of the Fed’s Chair Jerome Powell’s speech at the Senate Banking Committee. If he doesn’t hint at a possible start of interest reduction measures as early as this year, this will support the USD rate.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is moving horizontally along the oversold territory line. Stoch aren’t informative.

Trading recommendations:

Sell the pair as it’s likely to drop to 1.1180 and then to 1.11225.

EURUSD

The pair is consolidating above 1.1215 following last Friday’s drop. It’s expected to resume local decline after a small upwards correction.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is reversing downwards on the line of the oversold territory. Stoch are still growing.

Trading recommendations:

Sell the pair at its growth, approximately from 1.1250 or as it drops below 1.1215 with a possible target of 1.1180.

The US dollar fluctuated in a narrowly bullish range during the US session to see its fifth session rebound in nine sessions from its lowest since January 3 against the Japanese yen following developments and economic data that followed the Japanese economy, the third largest economy in the world and on the brink of developments And economic data expected Friday by the US economy, the largest economy in the world.

At 05:51 am GMT, the pair rose 0.06% to 107.88 compared to the opening levels at 107.82 after the pair reached a high of 107.89 and a low of 107.78.

On the Japanese economy, we saw the annual reading of the Household Spending Index, which showed growth accelerated to 4.0% from 1.3% in April, beating expectations of a 1.4% growth rate. The contraction of the widening to 95.2 versus 95.9 in April showed a worse than expected 95.3.

On the other hand, investors are looking for the US economy to reveal last month's labor market data, which could reflect a stable unemployment rate at its lowest level in 49 years at 3.6%, unchanged from May, amid expectations that the reading of the Change in jobs for sectors Excluding agriculture, job creation accelerated to 164,000 versus 75,000, and the median hourly earnings index accelerated to 0.3% from 0.2%.

This comes after the disclosure last Wednesday of preliminary data for the US labor market, which showed the acceleration of job creation to 102 thousand according to the index of change in private sector jobs, compared to 41 thousand in May, below expectations at 140 thousand, Of the US is among the important reports that weigh heavily on the decisions and directions of monetary policy makers at the Fed.

Technical Analysis

The USD/JPY pair has been trading sideways and narrow range since yesterday and has pushed the price to move out of the channel, but the main bearish trend remains intact with steady price below 108.10, supported by negative pressure formed by SMA 50, with the next key target at 106.78.

The trading range for today is expected among the support at 107.00 and the resistance at 108.40.

The general trend for today is bearish.