Strong US Retail Sales Pressed Gold

Strong US Retail Sales Pressed Gold

What to know before trading today

  1. The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
  2. Some pressure on stocks can be caused by the expires of options today, known as "quadruple witching."  
  3. China's second-largest real-estate company, Evergrande, has huge financial troubles. The stock’s losses are weighing on sentiment in Asia. The Hang Seng Index is at its lows unseen since November 2020. Read more about Alibaba.
  4. Cryptocurrencies keep rising. Bitcoin is trading around $48,000.
  5. Crude oil pauses such a long rally. XBR/USD (Brent oil) is trading sideways near a significant resistance level of $75.00.

Technical outlook

GBP/USD is moving inside the ascending channel. It has bounced off the support line at 1.3785. After a short pullback, it should continue edging higher. However, if it drops below 1.3785, it may fall to the lows of early September at 1.3750.

GBPUSDH4.png

USD/JPY is moving up in the ascending channel as well. It has reversed up from the support line and has got closer to the significant resistance level of 110.00, which the pair may struggle to break on the first try. However, if it manages to cross it, the way up to the high of early September at 110.30.

USDJPYDaily.png

Gold is trying to recover from yesterday’s losses. It may rise to the resistance level of $1780. The move above it will lead the metal to the 200-period moving average of $1790. Support levels are the recent low of $1750 and the lows of early August at $1725.  

XAUUSDH4.png

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