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

TRADE NOW

Similar

Will USD Stop Falling Today? Market Wrap
Will USD Stop Falling Today? Market Wrap

The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong. 

Latest news

Gold and Stocks Keep Rallying
Gold and Stocks Keep Rallying

S&P 500 and Nasdaq are still near all-time highs, supported by robust corporate earnings. Gold keeps moving inside the ascending channel.

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera