Gold price futures fluctuated in a narrow range that tilted to the back during the Asian session to witness its rebound from the top since September 9, 2011, when it tested its highest ever on the sixth of the same month regardless of the decline in the US dollar index, indicating its stability near the lowest It has since March, according to the inverse relationship between them, before the expected economic developments and data on Thursday by the US economy, the largest economy in the world.

At exactly 03:43 am GMT, gold futures contracts for next August delivery fell 0.23% to trade at $ 1,867.40 per ounce compared to the opening at $ 1,871.60 per ounce, knowing that the contracts started the session’s trading on an upward price gap after it concluded trading Yesterday at $ 1,871.60 an ounce, while the US dollar index fell 0.05% to 94.94 compared to the opening at 94.99.

Investors are currently awaiting by the US economy the issuance of the index of subsidy requests for the last week on July 18, which may reflect stability at 1.3 million requests, little changed from the previous weekly reading, while the reading of the index of continuous subsidy requests for the past week may appear on 11 of This month, a decrease of 271 thousand requests to 17,067 thousand requests compared to 17,338 thousand requests in the previous reading.

This comes before the reading of the leading indicators that may explain the slowdown in growth to 2.1% compared to 2.8% in May,

The World Gold Council revealed its half-yearly periodic report, which stated that gold-traded funds recorded during the seventh monthly increase in cash flow in June, adding 104 cubic tons of gold or the equivalent of $ 5.6 billion or 2.7% of the assets managed and that the net flows Global during the first half of 2020 amounted to $ 39.5 billion, outperforming the record increase in 2016

Technical analysis

Gold price provided new positive trades and attempts to overcome the resistance of the bullish intraday channel that appears in the picture, and gets continuous positive support from the EMA50, which supports the continuation of our expectations for the bullish trend, whose next main target is located at 1920.80.

Therefore, we await further gains during the upcoming sessions, noting that failure to surpass 1870.00 and break 1845.00 will put the price under negative pressure aimed at testing the areas of 1824.00 before any new attempt to rise.

The expected trading range for today is between 1845.00 support and 1900.00 resistance.

Expected trend for today: bullish.

The US dollar fluctuated in a narrow range to the upside during the Asian session against the Japanese yen.

 Amid the scarcity of economic data by the Japanese economy due to the Marine Day holiday in Japan and the developments and economic data expected today, Thursday, by the US economy, the largest economy in the world.

At exactly 05:58 AM GMT, the US dollar pair rose against the Japanese yen by 0.01% to 107.16 levels compared to the opening levels at 107.15 after the pair achieved its highest level during the trading session at 107.20, while achieving the lowest at 107.11.

Investors are currently awaiting by the US economy the issuance of the index of subsidy requests for the last week on July 18, which may reflect stability at 1.3 million requests, little changed from the previous weekly reading, while the reading of the index of continuous subsidy requests for the past week may appear on 11 of This month, a decrease of 271 thousand requests to 17,067 thousand requests compared to 17,338 thousand requests in the previous reading.

This comes before we witness the release of the leading indicators that may explain the slowdown in growth to 2.1% compared to 2.8% in May.

Technical analysis

The dollar versus yen pair is returning to the high and volatility around the EMA50, noting that the stochastic is showing clear negative signs now, waiting for the price to stimulate the resumption of the expected bearish direction for the coming period, whose objectives begin with testing the 106.44 level.

In general, the negative scenario will remain valid and active in the intraday and short term unless the 107.68 level is breached and stability above it.

The expected trading range for today is between 106.40 support and 107.70 resistance

Expected trend for today: bearish

GBPCAD

The overall trend is upward. A breakout of 1.7080 will result in the formation of a rising M5 level pattern in wave (C) of a rising M15 level pattern, which may be the wave (C) of a rising H4 level pattern. The descending pattern (the assumed wave B M15) is truncated.

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

Trading recommendations:

Buy above 1.7080.

Stop Loss: 1.7034.

Target levels: 1.7111; 1.7150.

USDCAD

The pair remains under pressure amid the rising crude oil prices, global weakness of the US dollar and the latest figures from Canada. If the former two factors remain in effect, the pair will continue to decline.

Technical side:
The price is below the middle Bollinger band, below PMA 5 and SMA 14. RSI is located in the oversold zone and moves horizontally. Stoch also entered this zone.

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

Trading recommendations:
If the price falls below 1.3400, it will drop further down to 1.3315.

#AXP

A multi-candle reversal pattern "inverted head and shoulders” has formed on the H4 timeframe. A bullish divergence formed at the top of the "head". If the neckline is breached, an ascending wave pattern will form within the ascending price channel.

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

Trading recommendatoins:

Buy above 97.70.

Stop Loss: 89.50.

Target levels: 108.00; 113.50.

EURUSD

The pair rose following the EU economic recovery deal, as well as due to the weaker dollar amid the growing demand for risk assets.

Technical side:

The price is above the middle the Bollinger band, above SMA 5 and SMA 14. RSI is located in the overbought zone and moves horizontally. Stoch are also entered this zone.

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

Trading recommendations:

Expect the pair to resume its growth to 1.1600 after a correction to 1.1480.

CHYJPY

The resistance level of 114.65 is holding back the bulls. Awesome Oscillator indicates a bearish divergence, while Stochastic Oscillator indicator an overbought condition. At the moment, the ascending D1 level pattern and the internal pattern of the H2 level are truncated.

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

Trading recommendations:

Sell when a descending pattern is formed, where the wave (A) breaks through the inclined channel of the ascending H2 level pattern.

Stop Loss beyond the local maximum: 1147.65.

Target levels: 113.80; 113.00.