Analytic reviews

Futures contracts for gold prices fluctuated in a narrow range that tends to rise during the Asian session, to witness its retracement of the second session in three sessions from its lowest since July 22, amid the decline of the US dollar index for the second session from its highest since the 24th of the same month according to the inverse relationship between them amid The lack of economic data from the major global economies at the beginning of this week, with an eye on the European Central Bank's conservative speech, Christine Lagarde, and the speech of the Federal Reserve Committee member Loretta Meester, later Monday.

At 06:40 am GMT, the futures contract for gold prices for next December delivery rose 0.16% to trade at $ 1,865.70 per ounce, compared to the opening at $ 1,862.70 per ounce, knowing that the contracts started trading on a downward price gap after it was concluded Last week's trading at $ 1,866.30 per ounce, with the US dollar index declining 0.12% to 94.48 compared to the opening at 94.60.

Otherwise, investors await the start of the final round of talks between the United Kingdom and the European Union in Brussels regarding the trade agreement after Brexit, and it is noteworthy that the negotiations between them on reformulating future relations are stalled due to the conflicting views on several key points, most notably immigration and the Union. Customs, which opens the way for Britain's exit without an agreement with the Union on 15 October.

On the other hand, investors are currently awaiting the American economy for what will be revealed by a member of the Federal Open Market Committee and President of the Cleveland Federal Reserve, Loretta Meester, about equality in a webinar hosted by the African American Chamber of Commerce in Pennsylvania, and the markets are looking forward this week for many talks. A member of the Federal Open Market Committee.

This comes hours after the expiration of the semi-annual testimony of Federal Reserve Governor Jerome before the US Congress, both of the House Financial Services Committee and the Senate Banking Committee, through which he reported that about $ 195 billion was provided in the Aid, Relief, and Economic Security bill in the face of The repercussions of the Coronavirus "CARES Act" in order to confront the negative repercussions of the Corona pandemic so far.

Technical analysis

Gold price fluctuates near the pivotal support level of 1860.90, and the price is still stuck between the pivotal levels represented by this support and resistance 1877.00, as the price needs to breach one of these two levels to define its next destination more clearly, and therefore, we continue to stay neutral so far.

We note that breaking the aforementioned support will pressure the price to continue the decline and achieve new negative targets that reach 1794.85, while breaching the resistance will push the price to try to recover and achieve intraday gains, starting with testing 1901.80 then 1911.00.

The expected trading range for today is between 1830.00 support and 1900.00 resistance.

The expected overall trend for today: Neutral.

The US dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness its retracement of the second session from its high since September 15 against the Japanese yen amid scarcity of economic data at the beginning of this week by the Japanese economy and its counterpart the US economy, the largest economy in the world, and with an eye to talk Member of the Federal Open Market Committee and Cleveland Federal Reserve Chair Loretta Meester later Monday.

At exactly 06:56 am GMT, the US dollar against the Japanese yen fell by 0.28% to 105.28 levels, after the pair achieved its lowest level during the session's trading at 105.27, while the pair achieved its highest at 105.69, knowing that the pair started trading The session is in a bearish gap after closing last week’s trading at 105.58 levels.

Investors are currently awaiting the American economy for what will be revealed by a member of the Federal Open Market Committee and President of the Cleveland Federal Reserve, Loretta Meester, about equality in a webinar hosted by the African American Chamber of Commerce in Pennsylvania, and the markets are looking forward this week to the speech of many members of the committee Federal Open Market.

Otherwise, the markets are looking forward to tomorrow, Wednesday, to reveal the final reading of the GDP index, which may confirm the contraction of the largest economy in the world 31.7%, unchanged from the previous preliminary reading for the second quarter and against a contraction of 5.0% in the previous reading of the last first quarter, as it may confirm. The final reading of the same index measured by prices showed a shrinkage of 2.0%, unchanged from the previous initial reading, and against a growth of 1.4% in the first quarter.

This coincides with the disclosure of preliminary data for the US labor market with the release of the index of change in private-sector jobs, which may reflect the acceleration of job creation to 650,000 jobs compared to 428,000 jobs last August, and this comes hours before the disclosure next Friday For the monthly report on employment except agricultural and unemployment rates in addition to the average hourly income for the month of September.

Technical analysis

The dollar's rise against the yen stopped at the resistance line that appears in the picture, accompanied by the emergence of negative signals through the stochastic indicator, which pressures the price to decline now and head towards testing the support floor that was formed at 105.20 after its previous breakout, at which the moving average 50 meets to add more. Power to it.

Thus, we are facing a conflict between technical factors that makes us prefer to stay neutral until we get a clearer signal for the next trend, noting that breaching the resistance 105.60 will push the price to resume the suggested positive scenario in our last report and head towards 106.44 mainly, while breaking the support 105.20 will put the price. Again, under negative pressure, heading towards 103.65 areas in the near term.

The expected trading range for today is between 104.60 support and 106.20 resistance.

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

EURUSD

The pair may receive support today as the sentiment in the global markets improves, and riskier assets are in demand.

Technical side:

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is above the oversold zone and is growing. Stoch are turning up.

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

Trading recommendations:

Buy the pair after it crosses 1.1640 with a likely growth to 1.1675.

EURCAD

The overall trend is upward. The descending H2 level construction is truncated, and a bullish divergence has formed. The internal H1 level pattern is also truncated with the bullish divergence. Stochastic Oscillator signals an oversold condition. A reversal wave model is likely to form.

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

Trading recommendations:

Buy when an ascending wave pattern is formed, where the wave (A) breaks through the inclined channel of the descending truncated H1 level pattern.

Stop Loss: below the support level of 1.5533.

Target levels: 1.5655; 1.5730.

#ABT

The overall trend is upward. The round important level of 100 deters sellers. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator signals an oversold condition. The stock is trading in the range of 365 and 135 moving averages.

Trading recommendations:

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

Stop Loss: under the round important level of 100.

Target: 113.30.

Friday, September 25th, today’s news—the UK budget deficit hits $222 billion amid the lockdown. European markets are weaker as investors monitor the new wave of the coronavirus and the economic recovery outlook, the dollar is lower after hitting a two-month high on the possibility of a new stimulus, the American markets are stronger. The price of Brent oil is $42.06, WTI—$40.37, EUR/USD is at 1.1644, GBP/USD—1.2738, gold is $1,872.05 per ounce.

The Australian dollar fluctuated in a narrow range slanting to an upward trend during the Asian session, to witness its rebound for the second session from its lowest since July 21 against the US dollar amid scarcity of economic data in the last sessions of the week by the Australian economy and on the cusp of economic developments and data expected today, Friday before. The American economy is the largest in the world.

 At 03:29 GMT, the Australian dollar against the US dollar rose 0.11% to 0.7055 levels compared to opening levels at 0.7047, after the pair achieved its highest level during the session's trading at 0.7062, while the pair achieved its lowest level at 0.7044.

 Investors are currently awaiting the US economy to unveil the durable goods orders index, which represents about half of consumer spending, which accounts for more than two-thirds of GDP in the United States, and which may reflect a slowdown in the pace of growth to 1.1% compared to 11.4% last July. The core reading of the same index may also show a slowdown in the pace of growth to 1.0%, compared to 2.6% in July.

 Later today, markets are looking forward to a speech by the President of the New York Federal Reserve and a member of the Federal Open Market Committee, John Williams, about the labor market in light of the Corona pandemic at a webinar hosted by the University of Rochester, and this comes hours after the expiration of the semi-annual testimony of Federal Reserve Governor Jerome in front of The US Congress has both the House Financial Services Committee and the Senate Banking Committee.

 Powell stated that about $ 195 billion was provided in the Aid, Relief and Economic Security Bill in the face of the repercussions of the "CARES Act" in order to confront the negative repercussions of the Corona pandemic so far, while expressing that small and medium companies need more support for a longer period than He postponed its return to what it was before the health crisis, and touched on the fact that the Federal Reserve continues to support the economy in these unprecedented situations.

 Powell noted that the Federal Reserve did not provide any loans to large companies directly, while stating that he does not agree with the raising of local state governments taxes during the current period and that the Fed will continue with the wage protection program if it obtains congressional approval, amid his refusal to comment on talks The poles of US policy, the Republican Party and the Democratic Party, about the second anticipated stimulus package in the markets.

 In the same context, Powell stressed that failure to approve more stimulus will significantly harm companies and families, especially in light of the continuing downside risks to the American economy, explaining that he believes that Congress should use $ 130 billion to support the wage protection program, with reference to the availability of a vaccine. Corona will enhance the state of certainty in the markets and among families and companies.

In another context, Powell noted that the Federal Reserve's maintenance of short-term reference interest rates is zero aimed at supporting economic activity and strengthening inflationary pressures towards the 2% target, and that achieving this will push it to raise interest on federal funds later, adding that in the short term, the interest rate on funds will not be zero. Federalism is good for people, but citizens will feel the importance of low interest in the medium and long term.

Technical analysis

The Australian dollar versus the US dollar approached the 0.7000 barrier yesterday, and some slight bullish bias appears now affected by the positivity of the stochastic indicator, which is losing its positive momentum significantly, waiting to stimulate the price to resume the expected downside trend for the coming period, whose next main target is at 0.6964.

From here, the bearish trend scenario will remain valid for the upcoming period, unless the price rallies to breach 0.7190 and stabilize above it.

The expected trading range for today is between 0.6980 support and 0.7100 resistance.

The expected general trend for today: Bearish.

Futures contracts for gold prices fluctuated in a narrow range slanting to rise during the Asian session, to witness its rebound for the second session in a row from its lowest since July 22, overlooking the rise of the dollar index according to the inverse relationship between them on the cusp of developments and economic data expected today, Friday, by the American economy The world's largest economy and amid investors weighing the opportunities for a new US stimulus package against an increase in coronavirus cases.

 At 06:04 GMT, gold futures contracts for December delivery rose 0.10% to trade at $ 1,874.60 an ounce, compared to the opening at $ 1,872.70 per ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading was at $ 1,876.90 per ounce, while the US dollar index rose 0.03% to 94.33, compared to the opening at 94.30.

 Investors are currently awaiting the US economy to unveil the durable goods orders index, which represents about half of consumer spending, which accounts for more than two-thirds of GDP in the United States, and which may reflect a slowdown in the pace of growth to 1.1% compared to 11.4% last July. The core reading of the same index may also show a slowdown in the pace of growth to 1.0%, compared to 2.6% in July.

 Later today, markets are looking forward to a speech by the President of the New York Federal Reserve and a member of the Federal Open Market Committee, John Williams, about the labor market in light of the Corona pandemic at a webinar hosted by the University of Rochester, and this comes hours after the expiration of the semi-annual testimony of Federal Reserve Governor Jerome in front of The US Congress has both the House Financial Services Committee and the Senate Banking Committee.

 Powell stated that about $ 195 billion was provided in the Aid, Relief and Economic Security Bill in the face of the repercussions of the "CARES Act" in order to confront the negative repercussions of the Corona pandemic so far, while expressing that small and medium companies need more support for a longer period than He postponed its return to what it was before the health crisis, and touched on the fact that the Federal Reserve continues to support the economy in these unprecedented situations.

 Powell noted that the Federal Reserve did not provide any loans to large companies directly, while stating that he does not agree with the raising of local state governments taxes during the current period and that the Fed will continue with the wage protection program if it obtains congressional approval, amid his refusal to comment on talks The poles of US policy, the Republican Party and the Democratic Party, about the second anticipated stimulus package in the markets.

In the same context, Powell stressed that failure to approve more stimulus will significantly harm companies and families, especially in light of the continuing downside risks to the American economy, explaining that he believes that Congress should use $ 130 billion to support the wage protection program, with reference to the availability of a vaccine. Corona will enhance the state of certainty in the markets and among families and companies.

Technical analysis

The price of gold ended yesterday's trading above the level of 1860.90 after the noticeable rise it witnessed in the last sessions, to provide signs of an attempt to stop the negative pressure that dominates the recent trades, but we note that the stochastic indicator is now providing negative signals, in addition to the MA 50 negatively pressing on The price, and the price is moving inside an ascending minor channel that may form a bearish continuation flag pattern.

Thus, the conflict between the technical factors makes us prefer stopping aside until we get a clearer signal for the next trend, noting that breaching 1877.00 will push the price to achieve more gains and test areas of 1901.80 then 1911.00 mainly, while breaking the support 1860.90 will re-activate the bearish trend scenario. Whose next main target is at 1794.85.

The expected trading range for today is between 1840.00 support and 1900.00 resistance.

The expected overall trend for today: Neutral.

The US dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness its rebound from the high since September 15 against the Japanese yen following the developments and economic data that they followed on the Japanese economy and on the cusp of economic developments and data expected today, Friday, by the US economy, the largest economy. In the world.

At exactly 07:11 AM GMT, the US dollar against the Japanese yen decreased by 0.09% to 105.31 levels, which is the lowest level for the pair during the session's trading, compared to the opening levels at 105.41, while the pair achieved its highest level in a week at 105.54.

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 service price index reading by the Bank of Japan for August, which showed a slowdown in the pace of growth to 0.1% compared to 1.1%, which was revised from a growth of 1.2 % In the previous annual reading last July, contrary to expectations that indicated a growth of 1.2%.

On the other hand, investors are currently awaiting the US economy to unveil the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product in the United States, and which may reflect a slowdown in the pace of growth to 1.1% compared to 11.4% in July. July, and the core reading of the same index may show a slowdown in the pace of growth to 1.0%, from 2.6% in July.

Later today, markets are looking forward to a speech by the President of the New York Federal Reserve and a member of the Federal Open Market Committee, John Williams, about the labor market in light of the Corona pandemic at a webinar hosted by the University of Rochester, and this comes hours after the expiration of the semi-annual testimony of Federal Reserve Governor Jerome in front of The US Congress has both the House Financial Services Committee and the Senate Banking Committee.

Powell stated that about $ 195 billion was provided in the Aid, Relief and Economic Security Bill in the face of the repercussions of the "CARES Act" in order to confront the negative repercussions of the Corona pandemic so far, while expressing that small and medium companies need more support for a longer period than He postponed its return to what it was before the health crisis, and touched on the fact that the Federal Reserve continues to support the economy in these unprecedented situations.

Powell noted that the Federal Reserve did not provide any loans to large companies directly, while stating that he does not agree with the raising of local state governments taxes during the current period and that the Fed will continue with the wage protection program if it obtains congressional approval, amid his refusal to comment on talks The poles of US policy, the Republican Party and the Democratic Party, about the second anticipated stimulus package in the markets.

In the same context, Powell stressed that failure to approve more stimulus will significantly harm companies and families, especially in light of the continuing downside risks to the American economy, explaining that he believes that Congress should use $ 130 billion to support the wage protection program, with reference to the availability of a vaccine. Corona will enhance the state of certainty in the markets and among families and companies.

In another context, Powell noted that the Federal Reserve's maintenance of short-term reference interest rates is zero aimed at supporting economic activity and strengthening inflationary pressures towards the 2% target, and that achieving this will push it to raise interest on federal funds later, adding that in the short term, the interest rate on funds will not be zero. Federalism is good for people, but citizens will feel the importance of low interest in the medium and long term.

Technical analysis

The dollar-yen pair stabilizes trading above 105.20, which maintains the bullish trend scenario valid and effective, supported by the move above the 50 MA, waiting to visit 106.00 - 106.44 levels, which represent our next main targets.

Consolidation above 105.20 is important for the continuation of the expected rise, as breaking it will pressure the price to resume the main bearish trend again.

The expected trading range for today is between 104.80 support and 106.20 resistance.

The expected general trend for today: Bullish.

Arrow returns to the upside move, as the price is testing the resistance 340.85 after testing the support level of 330.70 to the downside, and it reached the support level near the SMA 50. Which is moving near the major support at 330.50.

The stochastic oscillator approached the overbought zone, coinciding with the price testing of the support level.

The expected trading range is between 301.40 support and 350.50 resistance.

The expected general trend for today: Bullish.