Weekly analysis: Gold, USD, EURUSD and Dow Jones 2021

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Global markets started this new week on a positive note supported by the faster vaccination, strong US macro-economic data and President Joe Biden’s multitrillion-dollar infrastructure proposal. The main attraction for this week Investors waiting for the minutes from the last FOMC meeting and global services PMIs.

Read my Technical Analysis for this week here- https://gulfbrokers.com/en/weekly-technical-analysis-gold-dow-jones-eurusd-and-dollar-index-1
 

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Markets await the US retail sales data.

Key technical levels to watch today

Gold

Support: 1816 & 1800 Resistance: 1845 & 1860
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EURUSD

Support: 1.2080 & 1.2050 Resistance: 1.2150 & 1.2180

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Dow Jones

Support: 23850 & 23550 Resistance: 24300 & 24500

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1 hour to go before the highly anticipated US jobs report.


GOLD

Support: 1865 & 1850 Resistance: 1875 & 1882

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EURUSD

Support: 1.2080 & 1.2050 Resistance: 1.2150 & 1.2180

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GBPUSD

Support: 1.4080 & 1.4030 Resistance: 1.4140 & 1.4180

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DowJones

Support: 34500 & 34300 Resistance: 34700 & 34850

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The markets are expected to be extra volatile this week and the key events to watch the US Q4 GDP and U.S. Fed's two-day policy meeting, which ends on Wednesday. The investors will pay close attention to the update from Jerome Powell about the central bank’s view of the economic outlook as well as clues about future tapering.



On the earnings front, the US social media and Airlines companies reported stronger-than-expected second-quarter financial results last week. Moving ahead to this week, Tesla and big tech stocks Alphabet, Amazon, Apple and Facebook are due to release their last quarter reports.

GOLD

The precious metal rebounded back to above 1810 on Monday after the metal found buyers again near the $1790 area. Moving ahead, the Gold traders and investors will closely monitor Wednesday’s FED decision for clues on the timing of forthcoming changes to Fed policy settings.

gold neww


For this week, the metal-supported at 1790 level, any break below this level will open the doors to 1780 and 1765. On the other upper side, the immediate resistance at 1818 and any break will drag the metal to 1830/35 levels.

DOLLAR INDEX

The greenback has closed almost flat on the weekly basis but the Index was remained in favour as a safe haven currency due to global growth fears and the rapid spread of the coronavirus delta variant. This week

DXY


On a weekly time, frame, the overall movement remained bullish for the Dollar. If the bullish momentum continues the next upside levels to watch 93.18 (Last week high) and 93.40. On the downside, any meaningful pullback now seems to find some support near the 92.50 zones, below which the slide could further get extended towards the 92.20/00 region.

EURUSD

Last week the currency pair ended in negative territory on dovish ECB talks. The European Central Bank said its new guidance would “underline its commitment to maintaining a persistently accommodative monetary policy stance to meet its inflation target”.

eurusd


This week, EURUSD needs to stay above 1.1750; otherwise. 1.1700/1.1680 may be visible soon. On the upper side, 1.1830/50 the key resistance zones to watch, if the pair breaks and close above this area then the next supply level to watch around 1.1880/1.1910.

DOW JONES

Dow Jones futures started the new week on a bearish note after the index closed higher for a fourth consecutive day on Friday. The sharp rebound from last Monday's drastic declines was boosted by strong Q2 corporate earnings results.

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This week if the bullish momentum continues the next upside levels to watch 35,100 (Last week high) and 35, 300/550. On the downside, any meaningful pullback now seems to find some support near the 34,650 zones, below which the slide could further get extended towards the 34,500/33,350 region.

Full Article- https://gulfbrokers.com/en/weekly-analysis-volatile-week-ahead
 

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This week is expected to be an extra volatile week as investors waiting for feedbacks from the worlds largest central banks Federal Reserve, the Bank of Japan and the Bank of England about the timing of the bank's asset purchase tapering.

U.S FOMC MEETING – SEP 21-22, 2021: The US Federal Reserve meeting will start on Tuesday, the two-day policy meeting that will conclude on Wednesday. FED will discuss when may be the appropriate time for the central bank to begin its bond-buying tapering.

BANK OF JAPAN MEETING – SEP – 22, 2021: The Bank of Japan (BoJ) will be holding its monetary policy meeting on Friday.

BANK OF ENGLAND MEETING – SEP – 23, 2021: The BoE, which meets on Thursday, the central bank widely expected to keep interest rates steady. Meanwhile, several market participants expect that the BoE could start a tighter monetary policy cycle sooner than the Fed.

On the earnings front, the companies due to release their results will be the athletic apparel giant NIKE and the shipping company FEDEX will be among those reporting earnings this week.

GOLD

The precious metal slightly rebounded from the early session lows. During the last week, the metal plunged despite a softer-than-expected reading on consumer prices for August on Tuesday.

gold neww


Technically the overall momentum remained bearish throughout the last week. If the metal continues to fall, the next important support level is $1735 and $1720. On the upper side, the immediate resistance at $1767 (Friday high) a break above this level will confirm a possible move to $1776/80.

DOLLAR INDEX

The US dollar surged to a fresh monthly high of 93.40 on Monday supported by raising uncertainty on when the Federal Reserve will start cutting stimulus. Technically the overall momentum is expected to remain bullish for the Index after the bulls break above the 93.00 area.

DXY


This week the resistance for DXY is around 93.50, any break over targets 93.75/90. On the downside, any meaningful pullback now seems to find some support near the 93.10 zones, below which the slide could further get extended towards the 92.80/50 region.

EURUSD

EURO started the new week on a bearish note. The currency pair remains under pressure after the release of German PPI data. The data showed the producer prices increased by 1.5% in August, also above forecasts of 0.8%. At the time of writing, the pair trades near the 1.170 psychological level.

eurusd


For this week, the pair supported at 1.1685 level, any break below this level will open the doors to 1.1660 and 1.1630. On the other upper side, the immediate resistance around 1.1770 any break and close above this level will open 1.1800 then 1.1840.

DOW JONES

Dow Jones futures along with S&P 500 futures and Nasdaq 100 futures, turned lower early Monday following the last week sell-off. The recent bearish momentum is driven by weaker-than-expected economic data and concerns about the coronavirus Delta variant.

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For Dow, this week the immediate support is near 34,000. Any break and close below 34k, the next support levels to watch 33,900 and 33,840. On the upper side, the first resistance at 34,500 any break above this level will open 34,700/780 minimum.

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

Read more- https://gulfbrokers.com/en/weekly-analysis-gold-usd-eurusd-and-dow-jones-7
 

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This week the traders and investors will pay attention to the U.S. unemployment report for September is due Friday. As we know the November Fed taper announcement is widely expected so the Fed will be looking at the September US jobs report very closely, if the NFP comes stronger-than-expected which likely accelerating the pace of tapering. The NFP expectations are for 460k jobs to have been added to the US economy in September and a decline in the unemployment rate to 5.1% from 5.2%.

On the earnings front, the companies due to release their results will be The food and beverage company PEPSO and the jeans maker LEVI STRAUSS will be among those reporting earnings this week.

GOLD

The precious metal started the new week on a positive note, amid reports that the US House Democrats delayed plans to vote on a $1 trillion infrastructure bill as no deal has been reached yet. Overall, the metal momentum remained bearish throughout last month after the U.S. Federal Reserve suggested it would soon begin to taper its bond purchases ahead of a likely interest rate increase.

gold neww


On the weekly time frame, the gold is currently supported at $1720 and the resistance is around $1790. If the metal continues to fall this week, the key support level is $1750 and $1720/00. On the upper side, in case the metal manages to settle above $1780, it will gain upside momentum and head towards the next resistance level at $1792/1800.

DOLLAR INDEX

The US dollar was one of the strongest currency pairs in September and reached its highest level since Sept. 28 last year. The bullish rally was driven by the worries about a slowing global economy, higher inflation and fears of contagion from debt-laden property developer China Evergrande Group.

DXY


in the short-term perceptive, the immediate bias will remain bullish as long as prices are held above 93.90. On the flip side, any break below 93.90 then the next support near the 93.50 followed by 93.20 level.

EURUSD

The currency pair slightly rebounded on Friday after the US dollar Index recorded losses for the second consecutive day. During the last week, the pair plunged to $1.1563, its lowest since July 2020.

eurusd


For this week, the pair supported at 1.1550 level, any break below this level will open the doors to 1.1530 and 1.1500. On the other side, the EURUSD trying to move above the short-term resistance level at 1.1615. In case this attempt is successful, it will head towards the resistance which is located at 1.1640. A move above 1.1640 will push the pair towards the key resistance area 1.1690/1.17.

DOW JONES

Dow Jones remains undecided as to which way its next directional break will be. Meanwhile, it recovered part of its loss on Friday boosted by higher energy prices and pharmaceutical company Merck saying its experimental coronavirus pill reduces the risk of death and hospitalization by 50%.

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For Dow this week, the first nearest support level is located at 34.050. In case if it breaks below this level, it will head towards the next support level which is located at near 33,750 then 34,500. On the upside, 34,700 will act as an immediate and strong hurdle while 35,000 will be a critical resistance zone because above this, bulls are likely to dominate.

Read more - https://gulfbrokers.com/en/weekly-analysis-gold-usd-eurusd-and-dow-jones-8
 

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Global markets ended mixed on Friday following the release of the Non-Farm Payrolls report. The data showed the US economy added 194K jobs last month, well below market expectations of 500,000 new jobs.

Moving ahead to this week, the Investors will shift their attention to major US banks' earnings. JPMorgan (NYSE: JPM) is scheduled to release results on Wednesday, followed by Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), and Morgan Stanley (NYSE: MS) later in the week.

GOLD

Gold price started the new week on a bearish note after the corrective growth of USD. The main drivers for the precious metal remain the US inflation data, rising US bond yields and the movement of the US dollar.

gold neww


For this week, $1,740 is the immediate support level, followed by the $1,720. If the pair breaks below the $1,720, the slump will quickly extend toward the $1,700 mark. On the upper side, gold is likely to find immediate resistance at $1,766, any break above the $1,764 level could lead the prices of the precious metal towards the next resistance levels of $1,776 and $1,780.

DOLLAR INDEX

The greenback has closed almost flat on the weekly basis but the Index has remained in favour as a safe haven currency as investors believe the Federal Reserve will start reducing its massive stimulus scheme this year.

DXY


This week the resistance for DXY is around 94.50, any break over targets 94.80/95. On the flip side, if the Index breaks and close below 93.65 which would open doors towards 93.40 and below that 93.10 is next.

EURUSD

The key data’s for Euro and Dollar for this week will once again be the FOMC as we get the latest minutes from their most recent meeting and German ZEW Economic Sentiment. However, the US dollar movement will continue to play a vital role in this currency pair's future direction.

eurusd


Technically the overall momentum remains bearish, the immediate support for the Euro stands near the psychological level of 1.1500. On the flip side, the first resistance at 1.1600 any break above this level will open 1.1640/80 minimum.

DOW JONES

Dow Jones ended flat on Friday despite weaker-than-expected US NFP data. The market sentiment got a boost in the previous session after US Senate leaders worked together to approve a temporary lift to the debt ceiling.

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This week support for the Dow Jones appears to be around 34,250, any break below this level will open 34,000 and 33, 800. On the other side, the important resistance to watch is 35,080 and 35,200.

Read more- https://gulfbrokers.com/en/weekly-analysis-gold-usd-eurusd-and-dow-jones-9
 

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This week the high inflation fears will dominate the market sentiment once again. During the last week, the global stocks and commodities ended mostly in positive territory boosted by the Oil prices rally and robust Q3 earnings results.

On the earnings front, the US banking giants reported stronger-than-expected third-quarter financial results last week. Moving ahead to this week, Tesla, Snap, Netflix, Intel and IBM are due to release their last quarter reports.

GOLD

Gold price closed lower on Friday after the metal break above the psychological level of $1800 and the investors also booked some profits from a recent jump to a fresh monthly high.

gold neww


For this week, $1740 remains the key support area to watch, any break below this level will open $1720 minimum. On the upper side, If we can come out of Friday’s consolidation and press back above $1800 then the key resistance area to watch is $1820/35.

DOLLAR INDEX

DXY extends losses from the weekly high after the index had met stiff selling pressure at 94.50. On Friday, the greenback closed in red for the third day in a row.

DXY


The Index can rise if it is in the bullish trend zone above the 94.50 high, any break and close above this level the next levels to watch 94.80/95. Nevertheless, if it continues to fall near the 93.60 support, the slump will quickly extend toward the 93.40/10 marks.

EURUSD

The currency pair jumped during the previous week. However, Bulls will need to regain the 1.1640 level if they want to continue their ascent towards 1.1700. From a trading standpoint, the threat for a larger correction remains while below 1.1500 – ultimately a larger pullback may offer more favourable opportunities closer to uptrend support.

eurusd


This week, On the downside, 1.1560 will act as an initial cushion, any break below this level will open 1.1530 and 1.1510. On the flip side, the bullish breakout of 1.1640 is likely to push the EURUSD into a new trading zone, which may offer further buying opportunities until 1.1710.

DOW JONES

Dow Jones closed modestly higher on Friday, booking a third straight day of gains as a new quarter of the year began with stronger-than-expected earnings results.

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This week as long as the index trades above 35,000 levels, the medium-term uptrend will remain in place. On the downside, 35,050 is the immediate support level, followed by 34,850. Further selling pressure will intensify only if the Index break below 34,850 levels.

Read more- https://gulfbrokers.com/en/weekly-analysis-gold-usd-eurusd-and-dow-jones-10
 

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The main attraction for this week is Investors waiting for the US Q3 GDP growth rate, which could trigger volatility in the market. On the other hand, the October ECB meeting this Thursday is one of the other main events of the week. The traders will be carefully monitoring the ECB statement after the latest report revealed the Eurozone inflation expectations hit their highest levels in years.

On the earnings front, Tesla and Netflix reported stronger-than-expected earnings last week while the parent company of Snapchat, Snap failed to impress Wall Street. Moving ahead to this week, it's a big week for tech company earnings, with Facebook, Microsoft, Google parent Alphabet, Apple and Amazon all reporting earnings this week.

GOLD

Gold price failed to close above the $1800 psychological level on Friday following the comments from US Federal Reserve Chairman Jerome Powell about tapering. While considering the last last two weeks upside momentum the metal can surely rebound in the short term if market sentiment stabilises.

gold neww


Technically, the overall movement has remained bullish. In the coming days, if the bullish momentum continues the next upside levels to watch $1815 then $1830. On the downside, any meaningful pullback now seems to find some support near the $1778 zones, below which the slide could further get extended towards the $1772/65 region.

DOLLAR INDEX

After a strong rally in September, the US dollar struggling to find the upside momentum. The Index ended lower for the second consecutive week while on Friday the greenback slightly rebounded after the FED chairman said – Fed Would Raise Rates if It Sees Serious Risks of Higher Inflation Expectations.

DXY


This week, the key resistance is located above the last week high around 94.20, a break above this level will confirm a possible move to 94.50/60. On the downside, if the Index loses the 93.30 handles, then we expect a move toward 92.80.

EURUSD

EURO ended mixed on Friday as investors grew more cautious ahead of a key European Central Bank meeting this week. Beyond the ECB meeting, the focus will be on the Eurozone inflation and GDP readings due on Friday.

eurusd


For this week, the key support area is around 1.1570. On the upper side, the short-term resistance at 1.1670 any break above this level will open 1.1700 then 1.1740. On the other side, if the price break and close below 1.1570, the next immediate support to watch 1.1530/00.

DOW JONES

Dow Jones closed slightly lower on Friday after reaching the record high. Overall the momentum remains bullish throughout the last week. This week, the index may continue to remain highly volatile amidst the ongoing earnings season.

cruse


This week the resistance for Dow Jones is around 36,000, any break over targets 36,200/300. On the flip side, if the Index breaks and close below 35,150 which would open doors towards 35,000/34,950 and below that 34,600 is next.

Read the full report- https://gulfbrokers.com/en/weekly-analysis-gold-usd-eurusd-and-dow-jones-11
 
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