Mixed trading analysis

[fxoday]

Gold drops after record ATH, wary of psychological support. Last Friday, the price of gold fell sharply to a low of $2393 from an open of $2444, a high of $2445 and a close of $2400.

Friday's market mover, US data showed initial jobless claims were released higher than expectations, 243K vs 230K, while the manufacturing index from the Philadelphia Fed jumped to 13.9 from the previous 1.3.

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[fxoday]

The decline in Silver prices loosened near the lower band line. After last week Silver declined for 4 consecutive days, in last Monday's trading the price sought balance near the lower band line.

Silver draws almost an indecision candle like a Doji with short wicks on the top and bottom of the candle. The decline in silver prices may be due to declining Chinese demand due to the economic slowdown.
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[fxoday]

EURUSD fell drawing a long body bearish candlestick yesterday. It continued last week's decline after a lull on Monday.

The disinflation process in the Eurozone is quite encouraging, allowing the ECB to lower interest rates in September. ECB Vice President Luis de Guindos said September was a much more comfortable month to decide than July.

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[fxoday]

USDJPY extends losses further on hawkish sentiment surrounding BoJ's policy stance ahead of next week's meeting.

Japan's Manufacturing PMI fell to 49.2 in July from 50.0. On the other hand, the Services PMI jumped to 53.9 from 49.4 previously.

The US manufacturing PMI also contracted, amounting to 49.5 from the previous 51.6, missing expectations of 51.7. Meanwhile, the services PMI rose to 56.0 from the previous 55.3, slightly higher than expectations of 51.7.

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[fxoday]

USDCAD extended its advance reaching a high price level of 1.38478 before rebounding near 1.38224. USDCAD's bullish sentiment started in mid-July and still shows a strong rally until now.

Yesterday the Bank of Canada (BoC) again reduced interest rates by 25 basis points to 4.50%, this is the same as the analyst's expectations of 4.50% from the previous 4.75%. Further rate cuts are likely according to Commerzbank FX strategists.

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[fxoday]

Gold shows gains at the start of the market opening.

The forex market started to be active today, gold market opening has risen marked by a bullish candlestick on the M15 timeframe since the market opening. A long candlestick with almost no shadow reflects an increase in gold prices with quite high volatility.

The price of gold on Friday last week tried to rebound after previously falling to a low of 2352, gold's rebound succeeded in bringing it to a high level of 2402 at the time of writing.

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[fxoday]

EURUSD slide extends nearly three weeks of decline. EURUSD price hit a low of 1.08023 ahead of Eurozone inflation data and Fed policy.

Looking at price history backward, the decline in EURUSD started July 17 and there is still potential to extend the decline.

This month the Fed predicted to hold interest rates unchanged, a cut is expected at the end of this year around September.

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[fxoday]

Gold and Silver surged ahead of the Fed funds rate.

Gold prices jumped yesterday from a low of 2376 to a high of 2412, this drew a long-body bullish candlestick with a small shadow at the bottom of the candle. On the other hand, Silver rose from a low of 27,621 to a high of 28,406, drawing a long-body bull candle with a small shadow at the bottom of the candle.

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[fxoday]

Gold soared amid US economic data.

Yesterday gold prices extended their gains amid mixed US economic data. The price of gold rises drawing a body bull's candle with a slight shadow on the top and bottom of the candle. The bullish candlestick formed a low of 2403 and a high of 2450.

Data released yesterday, ADP Non-Farm Employment Change, showed that the actual data was 122k, smaller than the forecast of 147k with the previous revision being 155k. There is a difference between the actual data and the forecast of 25k, and this shows an unfavorable value for the USD. ADP (Automatic Data Processing, Inc.) is economic data that measures the estimated change in the number of workers in the previous month, excluding the agricultural and government industries.

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[fxoday]

AUDUSD continues to fall amid the Fed's decision to keep interest rates unchanged at 5.50%.

AUDUSD draws a long body bearish candlestick with small shadows on the top and bottom of the candle. Price formed a high of 0.65595 and a low of 0.64883.

Yesterday's US economic data saw the Fed keep interest rates unchanged at 5.50%, although the Fed may cut interest rates at the end of the year.

While unemployment claims increased by 249k from the previous 235k, analysts expected 136k, much less than expected meaning less good for USD.

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