Daily Technical Analysis of Gold, Currencies,and Indices9/8/2024

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Daily Technical Analysis of Gold, Currencies,and Indices9/8/2024


Daily Technical Analysis: Summary


Introduction

Hello, I am Mohammad Qais Abdulghani, a financial markets expert, bringing you the daily technical analysis for major currency pairs, commodities, and financial indices for Friday, August 9, 2024. Before we start the technical and economic analysis, here are the key economic data releases for today. The only report scheduled is the German Consumer Price Index for the euro, expected at 9:00 AM Mecca time.

Major Currency Analysis

1. US Dollar Index (DXY)
• The US Dollar Index continues to hold its gains, with prices above the level of US jobless claims, which fell to 233,000, below the expectations of 241,000.
• Outlook: We maintain a positive view unless prices drop below 103, with the potential to retest 104.
2. Euro/US Dollar (EUR/USD)
• The pair is centered around the crucial level of 1.0900. Breaking this support could lead to a decline to 1.0800.
• Holding above 1.0900 is necessary to avoid further declines.
3. British Pound/US Dollar (GBP/USD)
• The pair is attempting to recover losses. If it rises above 1.2700, it could climb to 1.2900.
• The corrective bullish scenario is negated if prices fall below 1.2700.
4. US Dollar/Japanese Yen (USD/JPY)
• The pair is trying to recover from previous losses. Breaking through 149 yen could lead to targets of 153 and 158 yen.
5. US Dollar/Swiss Franc (USD/CHF)
• The pair remains under pressure. It needs to break above 0.8725 to relieve selling pressure.
6. Australian Dollar/US Dollar (AUD/USD)
• Efforts to recover are ongoing. Sustaining above 0.6500 could drive prices towards 0.6670 and 0.6900 in the medium term.
7. New Zealand Dollar/US Dollar (NZD/USD)
• The pair is under pressure; staying below 0.6050 suggests further selling pressure unless it breaks 0.5960.
8. US Dollar/Canadian Dollar (USD/CAD)
• Hovering around 1.3750. Breaking this level may trigger an upward trend.
9. Pound/Yen (GBP/JPY)
• A level of 184 yen might drive gains to 196 yen.
10. Euro/Yen (EUR/JPY)
• The pair is attempting to recover losses. Staying above 158 supports a bullish correction targeting 166.
11. Euro/British Pound (EUR/GBP)
• A slight decline, but breaking below 0.8550 could target 0.8450.
12. US Dollar/Turkish Lira (USD/TRY)
• Trading above 33 lira supports a positive outlook, with buying opportunities at 33.5 lira.

Cryptocurrency Analysis

1. Bitcoin (BTC/USD)
• Prices are at a crucial psychological level of $60,000. Breaking this could lead to gains targeting $68,000, $75,000, and $85,000.
2. Ethereum (ETH/USD)
• Under pressure, but surpassing $2,800 could reverse previous losses.
3. Ripple (XRP/USD)
• Holding gains above $0.55 may drive a rise towards $0.75 and $1.

Commodities and Metals

1. Gold
• Despite positive US data, gold remains firm above $2,400, potentially rising to $2,500 and $2,600.
2. Crude Oil
• Benefiting from a significant drop in US crude inventories, it needs to surpass $77 and $83 to reflect this positivity.
3. Silver
• Trading under pressure; surpassing $27.50 could lead to a rise to $29 and $30.50.
4. Natural Gas
• Attempting to climb. Surpassing $2.20 could target $2.80 and $3.20.

Global Indices

1. Dow Jones Industrial Average
• Attempting to lead recovery from declines. Surpassing 39,200 could push it towards 40,000 and 41,000.
2. S&P 500 Index
• Recovery is underway. Rising above 5,280 may target 5,500 and 5,800.
3. Nasdaq Index
• Recovery is likely if it surpasses 18,250, targeting 19,250 and 20,250.
4. Russell Index
• Still under pressure, needing a move above 2,125 to relieve selling pressure.
5. FTSE Index
• Trying to resume buying. Surpassing 8,150 could target 8,450.
6. DAX Index
• Recovery is happening. Surpassing 17,600 may target 18,200 and 18,650.
7. CAC Index
• Trying to recover; holding above 7,200 leads to a target of 7,600.
8. Nikkei Index
• Recovery requires a full break above 37,000.

Conclusion

Thank you for following our daily technical analysis.