Gold European open takes 1850 USDJPY bulls eye 136

Gold European open takes 1850 USDJPY bulls eye 136

Asian Indices:

  • Australia’s ASX 200 index fell -22.5 factors (-0.32%) and is presently buying and selling at 7,105.20
  • Japan’s Nikkei 225 index fell -248.23 factors (-0.85%) and is presently buying and selling at 28,974.54
  • Hong Kong’s Hold Seng index fell by -124.74 factors (-0.63%) and is presently buying and selling at 19,797.71
  • China’s A50 index fell by -178.64 factors (-1.29%) and is presently buying and selling at 13,616.80

United Kingdom and Europe:

  • UK FTSE 100 futures are presently up 15 factors (0.2%), the money market is presently open at 7,530.75
  • Euro STOXX 50 futures are presently up 7 factors (0.19%), the money market is presently estimated to open at 3,763.06
  • Germany’s DAX futures are presently up 26 factors (0.19%), the money market is presently open at 13,652.71

US Futures:

  • DJI futures are presently down -18 factors (-0.05%)
  • S&P 500 futures are presently down -19 factors (-0.14%)
  • Nasdaq 100 futures are presently down -3.5 factors (-0.08%)

Asian inventory markets took the compulsory step of following Wall Avenue decrease after the FOMC minutes, with China main the best way decrease. Nonetheless, the ASX was the most effective of a nasty bunch, helped by yesterday’s weaker-than-expected wage development taking some stress off the RBA to hike so aggressively.

However at the moment’s jobs knowledge was blended, with unemployment hitting a 48-year low whereas job development contracted at its quickest tempo since October. However seeing 86,000 full-time jobs disappear was a shock, and the RBA most likely signaled that. And that might tip the scales in direction of a 25bp hike at its subsequent assembly over a 50bp hike and in flip present additional reduction to fairness merchants (and doubtlessly help the ASX) holding above 7100 regardless of deeper gross sales amongst its friends.

Elsewhere, it was a quiet session for the forex and commodity markets, which remained caught inside tight ranges.

1 Hour Gold Chart:

Gold did not keep above $1800 for lengthy earlier than the bears regained management, and now a powerful bearish pattern seems on the 1-hour chart. E I feel gold might proceed to wrestle within the brief time period now that the US greenback is rising once more. It is buying and selling in a good vary at the moment however close to yesterday’s post-FOMC lows, so draw back dangers stay in place in at the moment’s European and US periods.


The 20-bar eMA and the every day pivot level are limiting as resistance and costs are forming a possible continuation sample, corresponding to a pennant or a triangle. Bears might search for a break of the retracement line close to the lows, fade on pullbacks under the every day pivot level, or look forward to proof of a swing excessive for potential shorts. The subsequent logical help zone lies between $1753 – $1750.

USD/JPY 1 Hour Chart:


Historical past would not repeat itself, however it might rhyme. And that’s what we count on to see in USD/JPY at the moment. Yesterday’s bullish bias performed out fairly properly because it spent the Asian hours pulling again earlier than breaking additional in Europe and persevering with to take action within the US session. At present we noticed costs pull again all through the European session, holding above the 100-bar eMA and breaking pattern resistance. From right here we want costs to carry above the 134.71 low (or 134.60 for consolation) and attain the every day R1 round 135.80.

FTSE 350 – Home Market:


FTSE 350: 4181.47 (-0.27%) 17 August 2022

  • 62 (17.71%) shares superior and 284 (81.14%) declined
  • 10 shares rose to new 52-week highs, 6 fell to new lows
  • 34.57% of shares closed above their 200-day shifting common
  • 72.86% of shares closed above their 50-day shifting common
  • 5.71% of the inventory closed above its 20-day shifting common


  • +9.43% – Balfour Beatty PLC (BALF.L)
  • +3.96% – Darktrace PLC (DARK.L)
  • +3.05% – Financial institution of Georgia Group PLC (BGEO.L)

Low efficiency:

  • -11.20% – ASOS PLC (ASOS.L)
  • -7.84% – Caqui PLC (PSN.L)
  • -7.66% – Essentra PLC (ESNT.L)

Upcoming Financial Occasions (Instances in BST)

  • Central Financial institution of Norway it’s anticipated to lift rates of interest by 50 bps quickly, from 1.25% to 1.5%.
  • European inflation knowledge then it is in focus at 10:00, though it is clear that the majority of any inflation will come from skyrocketing power prices.
  • Central Financial institution of Turkey additionally holds its coverage assembly at 12:00, however charges should not anticipated to vary (at all times count on the surprising relating to Turkey).
  • US unemployment claims knowledge is in focus at 1:30 p.m., and common readers ought to do not forget that we’re these knowledge factors to determine whether or not the job market has really outperformed as I think it has.
  • Philadelphia Fed Enterprise Index it is also 13:30 and most regional enterprise sentiment reviews proceed to counsel that the ISM stays comparatively excessive (for now).
  • Canadian producer costs it is also at 1:30 p.m. We famous in yesterday’s CPI report that inflation stays scorching, so an increase in producer costs at the moment will merely reinforce that view.

20220818 calendar BST

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