Gold Retreats to 1503, Bitcoin Continues Higher

Asian indices finished higher today after China and USA confirmed that they would restart the trade talks in October. Traders will closely watch the release of the US non-farm payrolls report, unemployment rate and average earnings, later today. The Hang Seng trading 0.66 per cent higher at 26,690, the Nikkei225 in Japan ended 0.54% higher at 21,199. The Shanghai Composite trading 0.46 per cent higher to 2,999, while in Singapore the FTSE Straits Times index finished 0,08 per cent lower at 3,144. The ASX 200 in Australia finished 0.52% higher to 6,647.

European equities started higher today, DAX30 is 0.36 per cent higher to 12,170, CAC40 is 0.25 per cent higher at 5,607 while the FTSE MIB in Milan is 0.16 per cent higher at 21,983. In London FTSE 100 is trading 0.16% higher at 7,282. UK is scheduled to leave the EU on October 31.

XAUUSD Daily Chart

In commodities markets, crude oil trades 0.16 per cent lower at $56.21 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.08% lower at $60,90 per barrel as major oil producers have agreed to cut output. Gold trades lower at 1503, keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,555.13 recent high.      

In cryptocurrencies, Bitcoin (BTCUSD) trading higher at 10,711, hitting the daily low at 10,442 and the daily high at 10,796. Bitcoin short term momentum is bullish now as it trades above the 100-day moving average. Immediate support for BTC stands now at $9,258 recent low, while next support stands at 9,000. On the upside, strong resistance now stands at 13,138 recent high and then at 13,500 round figure. Ethereum (ETHUSD) consolidates below recent highs at 174,15 with capitalization now to 18.8 billion, and on the upside, the immediate resistance stands at 317 high while the support stands at 136 the low from May 6th, Litecoin (LTCUSD) trades flat at 66.76. The crypto market cap now stands above $270.1 billion.

BTCUSD Daily Chart

On the Lookout: Japan’s Leading Economic Index came in at 93.6 in July from previous 93.3

The central bank of China set the Yuan rate (USDCNY) at 7.0855 at the lowest level in 11 years, versus yesterday fix at 7.0852.

Trading Perspective: In forex markets, USD index trades 0.08 per cent higher at 98.45, the Aussie dollar trades 0.34 per cent higher at 0.6837, while Kiwi trades 0.62% higher at 0.6412.

GBPUSD trades 0.19% lower at 1.2301. 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 1.2305 the 50-day moving average while more offers will emerge at 1.2556 the 100-day moving average.

In Sterling futures markets the open interest increased by 1,400 futures contracts while volume went up by 10.200 contracts.

EURUSD trades 0.04% lower at 1.1030, after positive signals from the US-China trade war developments. Immediate resistance for the pair stands at 1.1151 the 50-day moving average and then at 1.1266 the 200-day moving average. On the downside, immediate support stands at 1.1029 today’s low and then at 1.0925 YTD low.

In Euro futures markets, the open interest increased by 7.500 futures contracts while volume went up by 9.200 contracts.

USDJPY is trading 0.06% higher at 106.98 having hit the daily low at 106.86 and the daily high at 107.09. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the pair now stands at 107.16 the 50-day moving average and then at 108.30 the 100-day moving average. 

In Yen futures markets the open interest decreased by 3.600 contracts while volume went up by 36.500 contracts.

USDCAD is trading 0.08 lower at 1.3216 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, the high from 31st May.