Daily Technical Analysis of Gold,Currencies,and Indices2/9/2024Daily Technical Analysis of Gold, Currencies, and Indices - 09/02/2024
Introduction
Hello, I am Mohammed Qais Abdulghani, a financial market expert. Today, I am presenting my detailed outlook on the major currency pairs, commodities, and financial indices for Monday, September 2, 2024.
This week, several significant economic data releases are expected to have a substantial impact on financial markets. These include the U.S. Manufacturing PMI, the Job Openings Report, the Non-Farm Private Sector Employment Change, Initial Jobless Claims, the Services and Non-Manufacturing PMIs, the U.S. Crude Oil Inventory Report, Average Hourly Earnings, the Non-Farm Payroll (NFP), and the Unemployment Rate. Analyzing these data points will help determine the inflation path and make informed decisions regarding future monetary policy.
Analysis of the U.S. Dollar Index (DXY)
This week, several important economic data points have been released in the United States, impacting the performance of the U.S. dollar and gold. Although the Federal Reserve’s preferred inflation measure came in below expectations in July, the U.S. Dollar Index saw an increase, exerting some pressure on gold. This immediate reaction might provide an opportunity for price correction, as the U.S. Dollar Index continues to trade within a major descending channel. Unless the index can break above the 102 level, any rise will be considered a correction. So far, staying below the 103.2 level indicates further correction, with possible declines to 100.3 and 99, based on upcoming economic data.
Analysis of EUR/USD
We observe that the EUR/USD pair is currently correcting and approaching significant support at the 1.1000 level. A break below this level could push the pair back into a downtrend toward 1.0851 and 1.0700 levels. The bearish scenario will only be negated if the pair manages to hold and rebound above 1.1000, which could lead to a rise toward 1.1200 in the near term.
Analysis of GBP/USD
The GBP/USD pair is nearing critical support levels at 1.3100. A break below this support could lead to a sharp downward move targeting 1.2970 and 1.2850 levels. To maintain the upward trend, the pair must stay above the 1.3100 level.
Analysis of USD/JPY
The USD/JPY pair is attempting to form a minor upward trend. If prices manage to break above 106 or 105 yen per dollar, we might see a rise towards the 149 and 153 yen levels. The bullish scenario will be invalidated if prices drop below 145 yen.
Analysis of USD/CHF
The USD/CHF pair remains under selling pressure. If prices stay below the 0.85100 level, the pair could decline further towards 0.83700. A break above 0.85100 could lead to an increase towards 0.84200.
Analysis of AUD/USD
The AUD/USD pair is attempting to enter a downward correction, but as long as prices trade above the 0.6700 level, the bullish scenario remains intact. A break below 0.6700 could push prices back to the 0.6500 level.
Analysis of NZD/USD
The NZD/USD pair maintains its upward stance as long as prices remain above 0.6250. The main scenario is a continued rise towards 0.6345 and 0.6450 in the near term.
Analysis of USD/CAD
The USD/CAD pair is trading under pressure, and as long as prices remain below the 1.3600 level, a continued decline towards 1.3450 and 1.3300 levels is expected in the near term.
Analysis of GBP/JPY
The GBP/JPY pair is under pressure, with prices staying below 196 yen potentially pushing the pair towards 184 yen. Exceeding the 196 yen level is necessary to alleviate selling pressures.
Analysis of EUR/JPY
The EUR/JPY pair is trying to break free from selling pressures. If it manages to surpass the 164 yen level, we could see increases towards 170 and 174 yen. However, as long as it stays below 164 yen, a decline remains possible.
Analysis of EUR/GBP
The EUR/GBP pair remains under selling pressure below the 0.84500 level, supporting a bearish scenario towards 0.83750 and 0.83 in the near term.
Analysis of USD/TRY
The USD/TRY pair faces selling pressures. A break below the 34 lira level could lead to deeper corrections towards 33.5 and 33 lira, while staying above 34 lira may provide an opportunity for a rise.
Analysis of Bitcoin vs. USD
Bitcoin remains under downward pressure, with prices staying below the psychological level of 60,000 USD, potentially targeting levels of 52,000 and 44,000 USD in the medium term.
Analysis of Ethereum vs. USD
Ethereum is trading under clear selling pressures, and as long as the price remains below 2,800 USD, further declines towards 2,200 and 1,600 USD may be observed.
Analysis of Ripple vs. USD
Ripple is attempting to relinquish its gains, with a break below the 0.55 USD level potentially driving it into a bearish wave towards 0.48 and 0.40 USD in the medium term.
Analysis of Gold
Gold is retreating following the release of the inflation index that came in below expectations. However, as long as prices remain above 2,460 USD per ounce, this is considered a natural correction. A breakout above 2,520 USD could lead to new highs towards 2,560, 2,600, and 2,700 USD.
Analysis of Crude Oil
Crude oil is declining, approaching a significant support area at 73 USD per barrel. Breaking this level could push prices towards 70 and 67 USD.
Analysis of Silver
Silver is nearing a crucial support level at 29 USD. Breaking this level could lead to a decline towards 27.5 and 26 USD.
Analysis of Natural Gas
Natural gas is trying to regain positive momentum, but staying below 2.20 USD may lead to a decline towards 1.80 USD.
Analysis of Dow Jones Industrial Average
The Dow Jones Index is maintaining its gains above the 41,000 point level, supporting a bullish scenario towards 42,500 and 44,000 points.
Analysis of S&P 500
The S&P 500 Index is attempting to resume its upward trend. Surpassing the 5,700 point level could push the index towards 5,900 and 6,100 points.
Analysis of Nasdaq 100
The Nasdaq Index maintains its bullish scenario towards 21,500 USD, with prices remaining above 19,250 USD.
Analysis of Russell 2000
The Russell 2000 Index is attempting to resume its upward trend. Exceeding the 2,225 point level could push the index towards 2,320 and 2,440 points.
Analysis of FTSE 100
The FTSE Index is attempting to surpass the 8,400 point level, potentially pushing it towards 8,600 and 8,800 points in the near term.
Analysis of DAX 30
The DAX Index is maintaining its gains, with a possibility of targeting higher levels if it surpasses the main resistance level.
Analysis of CAC 40
The CAC Index maintains its upward trend, with expectations to target levels of 7,900 and 8,200 points in the near term.
Analysis of Nikkei 225
The Nikkei Index is trading within an upward scenario, with expectations to target levels of 40,000, 42,450, and 45,000 points in the medium term, provided it remains above the 37,000 point level.
Conclusion
This concludes the daily technical analysis session. Thank you for watching, and I wish you a successful trading day. Stay safe.
This analysis was prepared by Mohammed Qais Abdulghani, a financial markets expert, based on current data and market trends. Please note that all strategies and analyses are subject to market changes, and it is advisable to stay updated with economic developments to make well-informed decisions.
