Daily Technical Analysis of Gold,Currencies,and Indices30/8/2024Daily Technical Analysis for Gold, Currencies, and Indices - 30/8/2024
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Today, I will provide you with an in-depth analysis of the key currency pairs, commodities, and financial indices. On this Friday, August 30, 2024.
Key Economic Data for Today:
Before we dive into the technical and economic analysis, let’s review the key economic data scheduled for release today, which may impact price movements:
• 12:00 PM (Makkah Time): Eurozone Consumer Price Index (CPI).
• 3:30 PM (Makkah Time): U.S. Core Personal Consumption Expenditures (PCE) Price Index (annual and monthly).
• 6:00 PM (Makkah Time): U.S. Federal Government Budget Balance.
U.S. Dollar Index (DXY) Analysis:
Despite positive U.S. economic data, including a stronger-than-expected GDP, the U.S. Dollar Index (DXY) remains under pressure. The index is awaiting the release of the Core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred measure of inflation. The DXY remains below the 102 level, favoring a bearish outlook targeting levels of 100.3 and 99. This bearish scenario will only be invalidated if the index breaks above the 102 level.
EUR/USD Analysis:
The EUR/USD pair continues to trade under corrective downward pressure. As long as prices remain above the 1.1000 level, the pair retains a positive outlook, with all declines viewed as healthy corrections. This positive scenario will be invalidated only if the pair breaks below the 1.1000 level, potentially signaling a shift back to a bearish trend.
GBP/USD Analysis:
The GBP/USD pair maintains a positive bias as long as prices stay above the 1.3100 level, which supports a bullish outlook towards the 1.3250 and 1.3360 levels. This bullish scenario will be negated if the pair breaks below the 1.3100 level.
USD/JPY Analysis:
The USD/JPY pair is hovering around a critical level of 145 yen per U.S. dollar. Breaking above this level could lead to further gains towards 149 and 153 in the medium term. This bullish scenario will only be invalidated if prices fall back below the 145 level.
USD/CHF Analysis:
The USD/CHF pair remains under bearish pressure. Staying below the 0.8510 level supports a bearish outlook targeting 0.8370 and 0.8240. A bullish reversal will only occur if the pair breaks above the 0.8510 level.
AUD/USD Analysis:
The AUD/USD pair maintains a positive stance as long as prices stay above 0.6670, suggesting a bullish trend towards 0.6900 and 0.7100 levels.
NZD/USD Analysis:
The NZD/USD pair remains above the 0.6225 level, supporting a bullish outlook towards 0.6345 and 0.6450 levels. This bullish scenario will be invalidated if prices fall below 0.6225.
USD/CAD Analysis:
The USD/CAD pair remains under pressure. A break below 1.3450 could resume the bearish trend towards 1.3300. This bearish scenario will be negated if prices rise above the 1.3600 level.
GBP/JPY Analysis:
The GBP/JPY pair continues to trade under bearish pressure below the 196 yen level, with a bearish target of 184 yen.
EUR/JPY Analysis:
The EUR/JPY pair remains under bearish pressure below the 164 yen level, targeting the 158 yen level.
EUR/GBP Analysis:
The EUR/GBP pair is still trading under bearish pressure below the 0.8450 level, targeting levels of 0.8375 and 0.8350.
Bitcoin/USD Analysis:
If Bitcoin can regain the 60,000 USD level, it may revive bullish hopes towards 66,000 USD and 72,000 USD in the medium term. This bullish scenario will be invalidated if prices fall back below 60,000 USD.
Ethereum/USD Analysis:
Ethereum remains under pressure. Staying below 2800 USD suggests a bearish trend towards 2200 USD. This bearish outlook will only be invalidated if prices exceed 2800 USD.
Ripple/USD Analysis:
Ripple continues to trade under pressure. A break below 0.55 USD could lead to a decline towards 0.40 USD. This bearish scenario will be avoided if prices remain above 0.55 USD.
Gold Analysis:
Gold remains steady despite positive U.S. economic data. The market awaits the Core PCE Price Index from the U.S. The key trading level for today is 2500 USD. Breaking above this level could lead to gains towards 2550 USD and 2600 USD. This bullish scenario will be invalidated if prices fail to break above 2520 USD.
Crude Oil Analysis:
Crude oil attempts to regain its gains. Exceeding the 77 USD per barrel level could boost the price towards 83 USD. Failure to break above this level could push prices back down to 73 USD per barrel.
Silver Analysis:
Silver struggles to maintain its momentum. Holding above 29 USD could push silver back to levels of 30.5 USD and 32 USD.
Natural Gas Analysis:
Natural gas continues to trade under pressure. Staying below 2.20 USD suggests a downward trend towards 1.80 USD.
Dow Jones Index Analysis:
The Dow Jones Index holds above the 41,000-point level, supporting a bullish trend towards 42,500 points.
S&P 500 Index Analysis:
The S&P 500 Index attempts to end its corrections and regain upward momentum, which will only be achieved by breaking above the 5700-point level.
Nasdaq 100 Index Analysis:
The Nasdaq 100 Index holds above the 19,250-point level, supporting a bullish outlook towards 20,400 and 21,500 points. This bullish scenario will be invalidated if the index breaks below the 19,250-point level.
Russell 2000 Index Analysis:
The Russell 2000 Index attempts to recover its gains. Breaking above the 2225-point level could bolster a bullish trend towards 2320 and 2440 points.
FTSE 100 Index Analysis:
The FTSE 100 Index tries to regain positive momentum. Exceeding the 8400-point level could support gains towards 8600 and 8800 points.
DAX Index Analysis:
If the DAX Index successfully breaks above the 18,750-point level, we could see a positive move targeting 19,250 and 20,000 points.
CAC 40 Index Analysis:
The CAC 40 Index attempts to establish new bullish positions. Staying above the 7600-point level supports a bullish outlook towards 7900 and 8200 points.
Nikkei 225 Index Analysis:
The Nikkei 225 Index remains above the 37,000-point level, supporting a bullish trend towards 40,000 and 42,450 points. This bullish scenario will be negated if the index breaks below the 37,000-point level.
Conclusion:
That concludes our daily technical analysis. Thank you for tuning in, and we wish you a successful trading day. Stay safe and happy trading!
This analysis was prepared by Muhammad 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 advised to keep track of economic updates to make informed decisions.
