Analytic reviews

Futures contracts for gold prices fluctuated in a narrow range slanting to rise during the Asian session amid the decline of the US dollar index according to the inverse relationship between them on the cusp of developments and economic data expected today, Tuesday, by the US economy, the largest economy in the world, and in the shadow of market pricing for a second wave of Coronavirus outbreak globally, in particular In the west.

At exactly 05:16 a.m. GMT, gold futures contracts for next December delivery rose 0.29% to trade at $ 1,910.00 per ounce compared to the opening at $ 1,904.40 per ounce, knowing that the contracts started trading on a downward price gap after it was concluded Yesterday's trading at $ 1,905.70 an ounce, with the dollar index declining 0.12% to 92.96 compared to the opening at 93.07.

Investors are currently anticipating the US economy to reveal a reading of the durable goods orders index, which represents about half of consumer spending, which accounts for more than two-thirds of the gross domestic product in the United States, and which may reflect a stable growth rate of 0.5% during September, while it may appear The core reading of the same index slows the pace of growth to 0.3%, from 0.6% in August.

This comes before we witness the disclosure of the US housing market data with the release of the house price index reading, which may indicate a slowdown in growth to 0.7% compared to 1.0% last July, in conjunction with the release of the Standard & Poor's Composite-20 home price reading, which may appear. Growth also slowed to 0.5% from 0.6% in July, while the annual reading of the same index may reflect an acceleration of growth to 4.2%, compared to 3.9% in July.

Up to the disclosure by the largest industrial country in the world of industrial sector data, with the release of the Richmond Industrial Index reading, which may reflect a contraction of the expansion to a value of 18 compared to 21 last September, in conjunction with the disclosure of the consumer confidence index reading, which may show an expansion This increased to 102.1, compared to 101.8 in September.

Technical analysis

The price of gold did not stabilize for long below the level of 1901.80, to trade positively and test the pivotal resistance that now rises to 1910.00, and the price is making attempts to breach this level and achieve more intraday gains, which makes us prefer to stop temporarily until we get a clearer signal for the next trend, due to The conflict between technical factors faced by the price.

We point out that breaching 1910.00 will lead the price to achieve a new high, targeting testing 1934.86 areas again, while breaching 1901.80 and holding below it will re-activate the bearish trend scenario, whose next main target is at 1860.90.

The expected trading range for today is between 1890.00 support and 1930.00 resistance.

The expected trend for today: depends on the levels mentioned in the report.

AUDCAD

An H2 level ascending pattern is truncated. The currency pair is trading in the range of 365 and 135 moving averages. A bullish divergence has formed on Awesome Oscillator, while Stochastic Oscillator signals an overbought condition.

AUDCAD rate online: monitor the price movement in real time.

Trading recommendations:

Sell when a descending wave pattern is formed, where the wave (A) breaks through the inclined channel of the ascending pattern, completing it.

Stop Loss: beyond the local maximum.

Target levels: 0.9334; 0.9250.

USDJPY

The pair found support at 104.65, forming a “rising flag” (trend continuation pattern). If the market mood changes after yesterday’s sell-off, the pair may turn up, while remaining within this pattern.

Technical side:

The price is above the middle Bollinger band, at the level of SMA 5 and SMA 14. RSI is below the 50% level and is growing smoothly. Stoch are also likely to reverse upwards.

USDJPY rate online: monitor the price movement in real time.

Trading recommendations:

Buy the pair with a local target of 105.10.

#GAZPROM
 

The company’s shares are trading at the March lows, and at the base of the May 2019 upward movement. At the same time, gas prices continue to grow, a record-breaking rise of over 10% was recorded yesterday.

A bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals an oversold condition.
#GAZPROM rate online: monitor the price movement in real time.

Trading recommendations:

Buy when 1-2-3 (an ascending pattern) is formed, where wave 1 breaks through the inclined channel of the descending pattern.

Stop Loss under the support level 161.30.

Target levels: 169.50; 173.37; 184.30

Monday, October 26th, today’s news—new COVID-19 cases in the US exceed the record-breaking 83,000 two days in a row. The American indices S&P and Dow slip as the pandemic pessimism rises, this factor also drives down the European markets, dollar gains as a safe-haven currency, oil prices drop amid demand concerns. The price of Brent oil is $41.05, WTI—$38.78, EUR/USD is at 1.1812, GBP/USD—1.3025, gold is $1,901.05 per ounce.

Gold futures fluctuated in a narrow range that tends to decline during the Asian session, to witness its rebound to the fourth session from its highest since October 12, when it tested its highest since September 21, amid the US dollar index resuming rebound from its lowest since the second From September to the second session in four sessions according to the inverse relationship between them.

This comes amid investor attention directed to the activities of the meeting of senior Chinese leaders in the Central Committee of the Communist Party of China until the 29th of this month to plan the path of economic development for the largest Asian economies for the next five years and on the cusp of economic developments and data expected today, Monday, by the US economy, the largest economy in the world, and in shade The chances of US lawmakers adopting the second package of stimulus before the presidential elections next week have faded with the passage of time, in conjunction with the increase in cases of coronavirus globally, especially in the West.

At exactly 05:21 am GMT, gold futures contracts for December delivery fell 0.35% to trade at $ 1,899.40 per ounce, compared to the opening at $ 1,906.00 per ounce, knowing that the contracts started the session on a rising price gap after it was concluded Last week's trading at $ 1,905.20 an ounce, with the dollar index rising 0.17% to 92.92 compared to the opening at 92.76.

Investors are awaiting the US economy to unveil the housing market data with the release of the new home sales index reading, which may show a rise of 2.8% to about 1,025 thousand homes compared to a rise of 4.8% at 1,011 thousand homes last August. Otherwise, the tension continues. Attraction exists between the Republicans and Democrats of US policy over the approval of a second stimulus package to support the largest economy in the world in the face of the repercussions of the Corona pandemic, knowing that with the passage of time the chances of adopting it before the upcoming presidential elections next week diminish.

In another context, the markets are looking forward to the results of the upcoming daily intensive negotiations between the European Union and Britain this week, which aim to finalize an agreement on future and commercial relations between the two parties by the middle of next month, especially after Britain's exit from the European Union this year, and the focus is currently on The situation is likely to deteriorate due to the Corona outbreak in the West.

Technical analysis

The price of gold ended last Friday's trading below the level of 1901.80, and starts today with a bearish tendency in an attempt to move away from the aforementioned level, which activates the bearish trend scenario on an intraday basis, on its way to head towards the level of 1860.90 as a next negative target.

Thus, the bearish bias will be expected for today, supported by moving below the SMA 50, bearing in mind that the breach of 1901.80 - 1908.60 levels will stop the suggested decline and push the price to recover again.

The expected trading range for today is between 1875.00 support and 1915.00 resistance.

The expected general trend for today: Bearish.

The US dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness its rebound for the second session in four sessions from its lowest since September 21, when it tested its lowest since March 12 against the Japanese yen following developments and the economic data that followed it on the economy On the cusp of economic developments and data expected Monday by the US economy, the largest in the world.

At exactly 07:05 GMT, the US dollar against the Japanese yen rose by 0.11% to 104.88 levels compared to the opening levels at 104.76, after the pair achieved its highest level during the session's trading at 104.93, while it reached its lowest level at 104.66.

We have followed up on the Japanese economy, the second largest in Asia and the third largest in the world, revealing inflation data, with the release of the annual reading of the services price index by the Bank of Japan for the month of September, which showed an acceleration of the growth rate to 1.3% compared to 1.1%, which was revised from 1.0 growth. % In the previous annual reading for the month of August, contrary to expectations that indicated a growth of 1.0%.

On the other hand, investors are waiting for the US economy to reveal the housing market data, with the release of the new home sales index, which may indicate a rise of 2.8% to about 1,025 thousand homes compared to a rise of 4.8% at 1,011 thousand homes last August, and this comes amid The chances that it will pass the second package of stimulus before the upcoming presidential elections next week diminish with the passage of time.

Other than that, we recently followed up on the United States of America reported a record number of new cases of Coronavirus, and the result of US Vice President Mike Pence tested positive, which raised concerns about the possibility of the Coronavirus outbreak again in the White House, and this comes in conjunction with the continued rise of infected cases In Europe and other parts of the world.

Technical analysis

The dollar versus yen pair shows some slight bullish tendency to approach the 105.00 barrier, accompanied by the stochastic indicator losing positive momentum again, while the SMA 50 continues to press negatively on the price.

From here, these factors support the chances of continuing the expected bearish trend for the upcoming period, whose next main target is at 103.65, while stability below 105.20 represents an important condition for the continuation of the suggested decline.

The expected trading range for today is between 104.00 support and 105.20 resistance.

The expected general trend for today: Bearish.

Aeroflot continues its downward path after breaching the support 68.30 and moving towards the level of 50.60, which is the target for the downside movement.

The price continues to move below the moving averages 507-20- which move in a bearish order above the price near the resistance level 68.31-78.50 and press the price for further decline.

The stochastic oscillator is moving in an ascending path in an attempt to stop the downside path and turn to the sideways path.

General trajectory of movement: downtrend.

GBPUSD 

The overall trend is upward. The currency pair is trading in the range of 365 and 135 moving averages and the lower border of the ascending price channel. The internal M15 level pattern is truncated, and Stochastic Oscillator indicates an oversold condition.

#GBPUSD rare online: monitor the price movement in real time.

Trading recommendations:

Buy when a descending wave pattern is formed, where the wave (A) breaks through price pivot zone 2 of the wave C (1.3057).

Stop loss under the local minimum.

Target levels: 1.3169; 1.3239.

AUDUSD

The pair shows a local downward reversal as the demand for commodity assets falls due to the pandemic surge and the resulting decrease in the economic activity in the world. The pair is more likely to decline than to resume the uptrend.

Technical side:

The price is at the level of the middle Bollinger band, below SMA 5 and SMA 14, the moving averages intersect, suggesting to sell. RSI is at 50%. Stoch are declining.

#AUDUSD rate online: monitor the price movement in real time.

Trading recommendations:
Sell the pair with a local target of 0.7020 after its decline below 0.7100.