Darknet Criminal Scheme

Gold at 2-Week Lows, BTC Bearish Momentum Below 8,000

Asian indices finished mixed today as political turbulence in Washington weighs on global equities. The US and China are planning to restart negotiations in early October and crude oil price stabilizes after the drone attack in Saudi Arabia oil facilities which will cut 5% of the world’s oil supply.

Nikkei benchmark in Tokyo finished 0.56% lower at 21,755. The Hang Seng is trading 0.56 per cent higher at 26,098, the Shanghai Composite is trading 0.92 per cent lower to 2,928, while in Singapore the FTSE Straits Times index finished 0,25 per cent lower at 3,117. The ASX 200 in Australia ended 0.41% lower at 6,688.

European indices started lower the week, DAX30 is 0.13 per cent lower at 12,365, CAC40 is 0.11 per cent lower at 5,634, while the FTSE MIB in Milan is 0.26 per cent lower at 21,959. In London, FTSE 100 is trading 0.18% higher at 7,439. UK is scheduled to leave the EU on October 31.

bearish momentum
XAUUSD Daily Chart

In commodities markets, crude oil trades 0.30 per cent lower at $55.74 after the drone strikes in Saudi Arabia oil facilities. Brent oil is trading 0.31% lower at $60.85 per barrel as the oil world’s supply will be affected by the drone attacks. Gold trades lower at 1,491, as the momentum turns neutral after the price trades below the 50-day moving average.  On the upside, strong resistance will be met at the 1,555.13 recent high while support is at 1,485 the recent low.       

In cryptocurrencies, Bitcoin’s (BTCUSD) bearish momentum is intact as it trades lower at 7,798, making fresh 3-month lows, hitting the daily low at 7,686 and the daily high at 8,133. Bitcoin short term momentum is bearish now as it trades below all major daily moving averages. Immediate support for BTC stands now at $7,686 today’s low, while next support stands at 7,406 the low from June 2nd. On the upside, strong resistance now stands at 8,133 today’s high and then at 8,500 round figure. Ethereum (ETHUSD) trades higher at 165,83 with capitalisation now to 18.15 billion, on the upside, the immediate resistance stands at 317 high while the support stands at 136 the low from May 6th, Litecoin (LTCUSD) trades lower at 52.88. The crypto market cap capitalization now stands above $209.21 billion.

bearish momentum
BTCUSD Daily Chart

On the Lookout: Japan Housing Starts (YoY) came in at -7.1%, below expectations (-6.1%) in August, Japan Industrial Production (YoY) came in at -4.7% below expectations (-1.8%) in August. Japan Retail Trade (YoY) came in at 2%, beating forecasts of 0.9% in August. 

The China Caixin Manufacturing PMI came in at 51.4, above expectations of 50.2 in September; China composite PMI for September came in at 53.1, the previous reading was 53.0.

Australia Private Sector Credit (MoM) came in at 0.2% below forecasts of 0.3% for August. 

New Zealand ANZ Business Confidence came in at -53.5, topping expectations of -58.5 in September. 

Trading Perspective: In forex markets, USD index trades 0.05 per cent lower at 99.08, the Aussie dollar trades 0.09 per cent lower at 0.6755, while Kiwi trades 0.46% lower at 0.6265.

GBPUSD trades 0.18% higher at 1.2305 as we are getting closer to Brexit deadline. Major support now stands at 1.2078 recent low which if broken, might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2447, the 100-day moving average while more offers will emerge at 1.2729 the 200-day moving average.

In Pound futures markets open interest increased by 1,100 contracts, volume decreased by around 6.600 futures contracts.

EURUSD trades 0.05% lower at 1.0935, as the pair trapped in the descending channel that might drive the price lower. Immediate resistance for the pair stands at 1.1081 the 50-day moving average and then at 1.1160 the 100-day moving average. On the downside, immediate support stands at 1.0929 today’s low and then at 1.0904 Friday’s low.

In euro futures markets open interest decreased by 978 contracts, volume decreased by around 29.300 futures contracts.

USDJPY is trading 0.05% lower at 107.88 having hit the daily low at 107.73 and the daily high at 108.01. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the pair now stands at 108.46, the high from September 19th, and then at 109.16, the 200-day moving average. 

In Yen futures markets open interest increased by 6,200 contracts, volume increased by around 31,900 futures contracts.

USDCAD is trading 0.01 higher at 1.3239 the pair will find immediate support at 1.3017 the YTD low while extra support stands at 1.30 round figure. On the upside, immediate resistance now stands at the 1.3356 high from September 3rd before an attempt to 1.3450 high from 31st May.