Analytic reviews

Futures contracts for gold prices fluctuated in a narrow range that tends to rise during the Asian session, overlooking the resumption of the US dollar index rebound from its lowest since late April of 2018 for the tenth session in fourteen sessions according to the inverse relationship between them on the cusp of developments and expected economic data today, Friday. By the US economy, the largest in the world, and with concern over a second wave of Coronavirus.

At 06:41 a.m. GMT, gold futures contracts for December delivery rose 0.38% to trade at $ 1,958.60 an ounce, compared to the opening at $ 1,951.10 per ounce, knowing that the contracts started the session on a rising price gap after it concluded Yesterday's trading was at $ 1,949.90 an ounce, while the US dollar index rose 0.02% to 92.91, compared to the opening at 92.89.

Investors are currently waiting for the US economy to release the current account reading, which may reflect the widening of the deficit to $ 158 billion compared to $ 104 billion in the first quarter of the past, before we witness the release of the leading indicators reading, which may reflect a slowdown in growth to 1.3% compared to 1.4% in July. / July, coinciding with the disclosure of the preliminary reading of the University of Michigan Consumer Confidence Index, which may show an expansion to 75.0 versus 74.1 in August.

This comes hours after the expiry of the FOMC meeting on September 15-16, during which interest rates were kept between zero and 0.25%, the program to purchase Treasury bonds by $ 80 billion per month and mortgage bonds by $ 40. At least monthly, and the disclosure at the time of the expectations of members of the Federal Commission for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.

In another context, the chief EU negotiator for the Brexit file, Michel Barnier, yesterday noted that the coming days will be decisive for the exit negotiations, explaining that the British proposals regarding fisheries give a ray of hope, but they are not sufficient, and that the draft domestic market law in Britain will make a position The European Union is tougher, dismissing as Brussels still hopes for a trade deal with London.

It is noteworthy that the negotiations to reformulate future relations between the United Kingdom and the European Union are in a state of stumbling in the wake of Britain's intention to bypass international law by violating the withdrawal agreement it reached with the Union, which provides for the demarcation of the border between England and Northern Ireland, due to the latter's refusal to leave the European Union. The European customs, which Britain seeks to overcome, arguing that it will not allow the division of the United Kingdom.

Technical analysis

Gold price tested 1934.86 and rebounded upwards from there, which keeps our bullish expectations valid for the upcoming period, as the price crossed the EMA 50 to head towards our first awaited target at 1967.90, reminding you that breaching this level will extend the bullish wave to reach 2008.80 as a next station.

Consequently, we will continue suggesting the bullish trend in the intraday and short term, noting that breaching 1934.86 and holding below it will stop the expected rise and pressure the price to turn downward.

The expected trading range for today is between 1930.00 support and 1980.00 resistance.

The expected trend for today: overall bullish.

The US dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness its retracement of the second session from its lowest since late July, when it tested its lowest since March 12 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 on Friday by the US economy, the largest in the world.

At 06:50 am GMT, the US dollar against the Japanese yen rose by 0.04% to 104.78 levels compared to the opening levels at 104.74, after the pair achieved its highest level during the session’s trading at 104.87, while it achieved the lowest level at 104.68.

We followed up on the Japanese economy, revealing inflation data with the release of the annual reading of the national consumer price index, which showed a slowdown in growth to 0.2% compared to 0.3% in July, contrary to expectations that indicated an acceleration of growth to 0.6%, while the annual reading of the same index explained the exception Of which fresh food is a contraction of 0.4%, in line with expectations versus stability at zero levels in the previous annual reading.

In the same context, the annual CPI reading, excluding energy and fresh food, reflected the slowdown in growth to 0.2% compared to the previous annual reading for July and expectations of 0.4%, and this comes hours after the decision of monetary policymakers at the Bank of Japan to stay on interest rates Negative at 0.10%, and the BoJ unveiled its monetary policy statement.

On the other hand, investors in the US economy are awaiting the release of the current account reading, which may reflect the widening of the deficit to $ 158 billion compared to $ 104 billion in the first quarter, before we witness the release of the leading indicators reading, which may reflect a slowdown in growth to 1.3% versus 1.4%. In July, coinciding with the disclosure of the preliminary reading of the University of Michigan Consumer Confidence Index, which may show an expansion to 75.0 versus 74.1 in August.

This comes hours after the expiry of the FOMC meeting September 15-16, during which interest rates were kept between zero and 0.25%, the program to purchase Treasury bonds by $ 80 billion per month and mortgage bonds by $ 40. At least monthly, and the disclosure at the time of the expectations of members of the Federal Commission for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.

In the same context, last Wednesday, we followed the press conference held by Federal Reserve Governor Jerome Powell after the end of the meeting to comment on the decisions and directions of the committee, which included expectations to remain the leader at zero levels until at least 2023, in which he expressed the importance of the fiscal stimulus policy to support The economy is confirming the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

The dollar versus the yen provided negative trades to move away from 105.20, reinforcing expectations that the bearish trend will continue during the upcoming sessions, which targets 103.65 as a next major stop, noting that the SMA 50 continues to support the suggested descending wave.

The current positivity of the stochastic oscillator may cause some temporary sideways fluctuation before resuming the expected decline, which will remain valid as long as 105.20 is not breached and stability above it.

The expected trading range for today is between 104.00 support and 105.40 resistance.

The expected general trend for today: Bearish.

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 50 SMA. Which is moving near the major support at 330.50.

The stochastic indicator 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.

GBPCHF

The currency pair is trading in the range of 365 and 135 moving averages directed down. A start fractal has formed below the 135 EMA. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator moving averages are directed down from the overbought zone.

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

Trading recommendations:

Sell on the formation of a 1-2-3 descending pattern.

Stop Loss: 1.1834.

Target levels: 1.1650; 1.1453.

EURUSD

The pair remains in a narrow range of 1.1750–1.1915. The pair is supported by the positive German PPI release.

Technical side:

The price is above the middle Bollinger band, above SMA 5 and SMA 14. Moving Averages intersect and suggest buying. RSI is above the 50% level and growing. Stoch are in the overbought zone and uninformative.

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

Trading recommendations:

Buy the pair locally after it rises above 1.1860 with likely further growth to 1.1915.

#CBK

The overall trend is upward. The stock is trading in the range of the lower border of the ascending price channel. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator indicates an oversold condition.

Trading recommendations:

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

Stop Loss: 4.58.

Target levels: 5.020; 5.270.

Thursday, September 17th, today’s news—eurozone banks get 73 billion euros in pandemic relief from the ECB. The Fed plans no rate hikes until 2023, the news sent the American and European markets falling, the dollar is stronger. The price of Brent oil is $42.11, WTI—$40.02. EUR/USD is at 1.1795 GBP/USD—1.2972, gold is $1,947.35 per ounce.

Euro analysis 17-09-2020

The single currency, the euro, declined during the Asian session, to witness its lowest level since August 12 against the US dollar, on the cusp of economic developments and data expected today, Thursday, by the economies of the euro area and the US economy, the largest economy in the world.

At 06:20 AM GMT, the euro pair rose against the US dollar by 0.03% to 1.1851 levels, compared to opening levels at 1.1847, after the pair achieved its highest level during the session's trading at 1.18952, while the lowest level was at 1.1829.

The markets are looking for Italy, the third-largest economy in the eurozone, to release the trade balance index reading, which may reflect a contraction of the surplus to a value of 5.20 billion euros compared to 6.23 billion euros last June, before the release of inflation data for the economies of the euro area with the release of the final reading. The annual consumer price index, which may confirm a 0.2% contraction, unchanged from the initial reading of last month, and compared to 0.4% growth last July. The core annual reading of the same index may also confirm 0.4% growth versus 1.2% growth.

On the other hand, investors are currently awaiting the American economy for the release of the aid claims index reading for the past week on September 12th, which may reflect a decline of 59,000 requests to 825,000, compared to 884,000 in the previous weekly reading. The continuing aid for the past week, on the fifth of this month, decreased by 385,000 requests to 13.0 million, compared to 13.385 million.

This comes in conjunction with the disclosure of housing market data, with the release of the housing starts index and the building permit index reading, and amid expectations that the building permits reading will reflect an increase to about 1.51 million permits compared to about 1.50 million permits in July, while the home reading may clarify The start-up decreased to about 1.47 million homes, compared to about 1.50 million homes in July.

This also comes in conjunction with the disclosure by the largest industrial country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect a contraction of the expansion to a value of 15.0 compared to 17.2 last August, and this comes hours after the end of the committee meeting. The Federal Reserve Open Market September 15-16, during which interest rates were kept between zero and 0.25%.

We would like to point out that the Federal Reserve revealed yesterday, after the meeting, the expectations of the members of the Federal Commission for growth rates, inflation and unemployment in addition to the future interest rates for the next three years, and it is reported that the Federal Reserve previously adopted several stimulus programs until the economy showed signs of recovery, on top of which is a purchase program Treasury bills at $ 80 billion a month and mortgage notes at least $ 40 a month.

In the same context, we also followed yesterday's press conference held by Federal Reserve Governor Jerome Powell, half an hour after the end of the meeting, to comment on the decisions and directions of the committee, which included expectations to stay the leader at zero levels until 2023, in which he expressed the importance of fiscal policy The stimulus package to support the economy, as it affirmed the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

The EUR / USD pair confirmed the break of the 1.1840 level and pushed downwards to head towards our expected negative target at 1.1720, to activate the bearish correction scenario in the intraday term, with the need to monitor the price's behavior upon reaching the aforementioned level, as breaking it will cause further decline and pave the way for heading towards 1.1540 As a next corrective stop.

Thus, the bearish bias will be expected for today, bearing in mind that breaching 1.1840 will lead the price to start recovery attempts and restore the main bullish trend again.

The expected trading range for today is between 1.1680 support and 1.1840 resistance.

The expected general trend for today: Bearish.

There is nothing new in the movement of Cisco's stock, as the stock continues to move below the support level 24.27, ending the sideways movement that it was moving within during the past two weeks. The stock fell towards the next support level 39.00

The trading stabilized below the moving averages, which are pressuring the price for further decline, which supports expectations for further decline in the upcoming sessions, provided that the stability is below the 50-20 averages, which form resistance levels.

The expected trading range is between 38.32 support and 445.20 resistance.

The expected general trend for today: Bearish.

Futures contracts for gold prices decreased by more than one percent during the Asian session amid the rebound of the US dollar index to the tenth session in thirteen sessions from its lowest since late April of 2018 according to the inverse relationship between them following the decisions and directions of the Bank of Japan and on the cusp of upcoming economic developments and data Thursday by the US economy the largest in the world.

At 06:13 a.m. GMT, gold futures contracts for December delivery fell 1.09% to trade at $ 1,946.40 per ounce compared to the opening at $ 1,967.60 an ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading was at $ 1,970.50 an ounce, with the US dollar index rising 0.35% to 93.49 compared to the opening at 93.17.

We have followed the decision of monetary policy makers at the Bank of Japan to keep interest rates negative at 0.10%, with the Bank of Japan unveiling the monetary policy statement and also staying on pledging to direct the yield of 10-year government bonds at zero and confirming that additional steps will be taken to facilitate Without hesitation, if necessary, attention is now focused on the press conference to be held by Bank of Japan Governor Haruhiko Kuroda.

On the other hand, investors are currently awaiting the American economy for the release of the aid claims index reading for the past week on September 12th, which may reflect a decline of 59,000 requests to 825,000, compared to 884,000 in the previous weekly reading. The continuing aid for the past week, on the fifth of this month, decreased by 385,000 requests to 13.0 million, compared to 13.385 million.

This comes in conjunction with the disclosure of housing market data, with the release of the housing starts index and the building permit index reading, and amid expectations that the building permits reading will reflect an increase to about 1.51 million permits compared to about 1.50 million permits in July, while the home reading may clarify The start-up decreased to about 1.47 million homes, compared to about 1.50 million homes in July.

This also comes in conjunction with the disclosure by the largest industrial country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect a contraction of the expansion to a value of 15.0 compared to 17.2 last August, and this comes hours after the end of the committee meeting. The Federal Reserve Open Market September 15-16, during which interest rates were kept between zero and 0.25%.

We would like to point out that the Federal Reserve revealed yesterday, after the meeting, the expectations of the members of the Federal Commission for growth rates, inflation and unemployment in addition to the future interest rates for the next three years, and it is reported that the Federal Reserve previously adopted several stimulus programs until the economy showed signs of recovery, on top of which is a purchase program Treasury bills at $ 80 billion a month and mortgage notes at at least $ 40 a month.

In the same context, we also followed yesterday's press conference held by Federal Reserve Governor Jerome Powell, half an hour after the end of the meeting, to comment on the decisions and directions of the committee, which included expectations to stay the leader at zero levels until 2023, in which he expressed the importance of fiscal policy The stimulus package to support the economy, as it affirmed the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

Gold price found it difficult to surpass the level of 1967.90, which constituted a strong resistance in front of the upside wave, to rebound strongly to the downside and head towards a possible test of the pivotal support 1934.86, which requires attention from upcoming trades, as the continuation of negative pressure and breaking this level will lead the price to suffer more losses and turn Downward.

So far, the overall positive scenario remains valid, provided that it remains above 1934.86, with a reminder that the breach of 1967.90 is required to confirm the opening of the path towards 2008.80.

The expected trading range for today is between 1930.00 support and 1980.00 resistance