Short-Term Technical Analysis For Gold-21/8/2024
Daily Technical Analysis of Gold, Currencies, and Indices - August 21, 2024
Introduction
Welcome, I am Mohammed Qais, a financial markets expert, presenting you with a detailed analysis of key currency pairs, commodities, and financial indices for today. First, let’s look at the key economic data expected to be released today, which are likely to impact price movements, including the U.S. crude oil inventory report and the Federal Open Market Committee (FOMC) minutes.
Analysis of the U.S. Dollar Index (DXY)
The U.S. Dollar Index continues to trade under pressure, remaining below the 103 level and the 55-day moving average, which weighs heavily on the index. If the index breaks below 103.50, we may see further selling pressure on the U.S. dollar, potentially pushing it to lower levels.
Analysis of the EUR/USD Pair
The EUR/USD pair continues to rise, stabilizing above the 1.1000 level, signaling a positive scenario aimed at targeting higher levels.
Analysis of the GBP/USD Pair
The GBP/USD pair has risen above the 1.3000 level, reinforcing a positive outlook. If the price surpasses 1.3050, we expect to achieve a target of 1.3250.
Analysis of the USD/JPY Pair
The USD/JPY pair is currently under pressure. If the price drops below 155 yen, further declines are expected, targeting 140 yen and 134 yen in the medium term.
Analysis of the USD/CHF Pair
The USD/CHF pair is experiencing ongoing selling pressure. Remaining below the 0.87250 level suggests further potential declines, targeting 0.85 and 0.84100 in the medium term.
Analysis of the AUD/USD Pair
The AUD/USD pair maintains its upward momentum, with prices holding above the 0.66 level, supporting the continuation of this upward trend and the possibility of targeting the 0.69 level in the medium term.
Analysis of the NZD/USD Pair
The NZD/USD pair also maintains its upward momentum, with prices holding above the 0.60 level, indicating the potential to target the 0.63 level in the medium term.
Analysis of the USD/CAD Pair
The USD/CAD pair faces significant support at the 1.36 level. A break below this level could lead the pair into a downward trend, targeting 1.34500 and 1.33 in the medium term. To avoid this potential decline, the pair must hold above 1.36000.
Analysis of the GBP/JPY Pair
The GBP/JPY pair is under downward pressure, with prices trading below the 196 yen level, putting the pair at risk of falling back towards 184 yen, and potentially weakening further to target 170 yen in the medium term.
Analysis of the EUR/JPY Pair
The EUR/JPY pair is experiencing continued downward pressure, with the 166 yen level still acting as strong resistance. The pair risks falling towards the 158 yen and 152 yen levels in the medium term.
Analysis of the EUR/GBP Pair
For the EUR/GBP pair, prices remaining below the 0.55500 level confirm a bearish scenario, targeting 0.48500.
Analysis of the USD/TRY Pair
The USD/TRY pair continues to gain, with prices holding above 33.5 Turkish liras, indicating further positivity with potential targets of 34 liras, 34.5 liras, and possibly 35 liras in the medium term.
Analysis of Bitcoin Against the U.S. Dollar
Bitcoin remains in a sideways movement around the psychological barrier at $60,000. Prices staying below this level threaten to erase previous gains, with the potential to fall towards $50,000 and $48,000. Bitcoin can only avoid this potential drop by returning to buy positions above the $60,000 psychological barrier.
Analysis of Ethereum Against the U.S. Dollar
Ethereum continues to decline, with a drop to the $2,800 level indicating the potential to fall towards $2,000 in the short term.
Analysis of Ripple Against the U.S. Dollar
Ripple is maintaining its gains, supported by positive news related to its legal case. Prices holding above 55 cents strengthen the chances of a rise towards 75 cents.
Analysis of Gold
Gold touched the $2,520 level but needs to break through this level completely to create new buying opportunities. If successful, we may see new historical levels towards $2,600 and $2,700. However, if gold fails to break the $2,460 level, it could enter a corrective phase.
Analysis of Oil
Oil is approaching a very significant support area. Breaking the $73 per barrel level could create selling opportunities, while breaking the $77 level could lead to a new upward movement.
Analysis of Silver
Silver is holding onto its support level at $29. If this level holds, silver may rise towards $30.5 and $32. Breaking the $29 level could lead to deep corrections.
Analysis of Natural Gas
Natural gas is trading near a crucial area at 2.20 cents. Breaking this level could lead to a positive wave towards $2.60.
Analysis of the Dow Jones Index
The Dow Jones Index needs to surpass the 41,000-point level to create new buying opportunities. Failure to surpass this level could lead to deep corrections targeting 34,500 points and even 34,000 points.
Analysis of the S&P 500 Index
The S&P 500 Index continues to correct. If the index closes below 5606 points, we could see a deeper correction towards 5500 points.
Analysis of the Nasdaq 100 Index
If the Nasdaq 100 Index falls and closes below 19771 points, the index could enter a downward correction targeting 19250 points.
Analysis of the Russell 2000 Index
The Russell 2000 Index is retreating towards a crucial area at 22500 points. Breaking this level could lead to a drop towards 20000 points.
Analysis of the FTSE Index
The FTSE Index is struggling to surpass the 8400-point level. Continuing to fail at this level could lead to a decline towards 8150 points.
Analysis of the DAX Index
The DAX Index is declining as prices fail to stay above 1842 points. Continuing this decline could lead to a test of the 18200-point support level, and breaking this level could push the index into a deeper correction.
Analysis of the CAC Index
The CAC Index fails to surpass the 7600-point level, threatening to erase previous gains and fall towards 7100 points.
Analysis of the Nikkei Index
The Nikkei Index is facing a decline. Breaking the 37,000-point level could lead to a sharp drop towards 34,000 points.
Introduction
Welcome, I am Mohammed Qais, a financial markets expert, presenting you with a detailed analysis of key currency pairs, commodities, and financial indices for today. First, let’s look at the key economic data expected to be released today, which are likely to impact price movements, including the U.S. crude oil inventory report and the Federal Open Market Committee (FOMC) minutes.
Analysis of the U.S. Dollar Index (DXY)
The U.S. Dollar Index continues to trade under pressure, remaining below the 103 level and the 55-day moving average, which weighs heavily on the index. If the index breaks below 103.50, we may see further selling pressure on the U.S. dollar, potentially pushing it to lower levels.
Analysis of the EUR/USD Pair
The EUR/USD pair continues to rise, stabilizing above the 1.1000 level, signaling a positive scenario aimed at targeting higher levels.
Analysis of the GBP/USD Pair
The GBP/USD pair has risen above the 1.3000 level, reinforcing a positive outlook. If the price surpasses 1.3050, we expect to achieve a target of 1.3250.
Analysis of the USD/JPY Pair
The USD/JPY pair is currently under pressure. If the price drops below 155 yen, further declines are expected, targeting 140 yen and 134 yen in the medium term.
Analysis of the USD/CHF Pair
The USD/CHF pair is experiencing ongoing selling pressure. Remaining below the 0.87250 level suggests further potential declines, targeting 0.85 and 0.84100 in the medium term.
Analysis of the AUD/USD Pair
The AUD/USD pair maintains its upward momentum, with prices holding above the 0.66 level, supporting the continuation of this upward trend and the possibility of targeting the 0.69 level in the medium term.
Analysis of the NZD/USD Pair
The NZD/USD pair also maintains its upward momentum, with prices holding above the 0.60 level, indicating the potential to target the 0.63 level in the medium term.
Analysis of the USD/CAD Pair
The USD/CAD pair faces significant support at the 1.36 level. A break below this level could lead the pair into a downward trend, targeting 1.34500 and 1.33 in the medium term. To avoid this potential decline, the pair must hold above 1.36000.
Analysis of the GBP/JPY Pair
The GBP/JPY pair is under downward pressure, with prices trading below the 196 yen level, putting the pair at risk of falling back towards 184 yen, and potentially weakening further to target 170 yen in the medium term.
Analysis of the EUR/JPY Pair
The EUR/JPY pair is experiencing continued downward pressure, with the 166 yen level still acting as strong resistance. The pair risks falling towards the 158 yen and 152 yen levels in the medium term.
Analysis of the EUR/GBP Pair
For the EUR/GBP pair, prices remaining below the 0.55500 level confirm a bearish scenario, targeting 0.48500.
Analysis of the USD/TRY Pair
The USD/TRY pair continues to gain, with prices holding above 33.5 Turkish liras, indicating further positivity with potential targets of 34 liras, 34.5 liras, and possibly 35 liras in the medium term.
Analysis of Bitcoin Against the U.S. Dollar
Bitcoin remains in a sideways movement around the psychological barrier at $60,000. Prices staying below this level threaten to erase previous gains, with the potential to fall towards $50,000 and $48,000. Bitcoin can only avoid this potential drop by returning to buy positions above the $60,000 psychological barrier.
Analysis of Ethereum Against the U.S. Dollar
Ethereum continues to decline, with a drop to the $2,800 level indicating the potential to fall towards $2,000 in the short term.
Analysis of Ripple Against the U.S. Dollar
Ripple is maintaining its gains, supported by positive news related to its legal case. Prices holding above 55 cents strengthen the chances of a rise towards 75 cents.
Analysis of Gold
Gold touched the $2,520 level but needs to break through this level completely to create new buying opportunities. If successful, we may see new historical levels towards $2,600 and $2,700. However, if gold fails to break the $2,460 level, it could enter a corrective phase.
Analysis of Oil
Oil is approaching a very significant support area. Breaking the $73 per barrel level could create selling opportunities, while breaking the $77 level could lead to a new upward movement.
Analysis of Silver
Silver is holding onto its support level at $29. If this level holds, silver may rise towards $30.5 and $32. Breaking the $29 level could lead to deep corrections.
Analysis of Natural Gas
Natural gas is trading near a crucial area at 2.20 cents. Breaking this level could lead to a positive wave towards $2.60.
Analysis of the Dow Jones Index
The Dow Jones Index needs to surpass the 41,000-point level to create new buying opportunities. Failure to surpass this level could lead to deep corrections targeting 34,500 points and even 34,000 points.
Analysis of the S&P 500 Index
The S&P 500 Index continues to correct. If the index closes below 5606 points, we could see a deeper correction towards 5500 points.
Analysis of the Nasdaq 100 Index
If the Nasdaq 100 Index falls and closes below 19771 points, the index could enter a downward correction targeting 19250 points.
Analysis of the Russell 2000 Index
The Russell 2000 Index is retreating towards a crucial area at 22500 points. Breaking this level could lead to a drop towards 20000 points.
Analysis of the FTSE Index
The FTSE Index is struggling to surpass the 8400-point level. Continuing to fail at this level could lead to a decline towards 8150 points.
Analysis of the DAX Index
The DAX Index is declining as prices fail to stay above 1842 points. Continuing this decline could lead to a test of the 18200-point support level, and breaking this level could push the index into a deeper correction.
Analysis of the CAC Index
The CAC Index fails to surpass the 7600-point level, threatening to erase previous gains and fall towards 7100 points.
Analysis of the Nikkei Index
The Nikkei Index is facing a decline. Breaking the 37,000-point level could lead to a sharp drop towards 34,000 points.
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