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Dollar grew after reaching 2 weeks low; Gold is loosing its bullish momentum

August 31, 2021

USD/JPY: The USD/JPY pair remains on the higher edge, having shown bullish dynamic during the Asian trading session today. Despite the weakness in the US dollar, USD/JPY pair manages to trade modestly higher as the Japanese Yen struggles to find demand due to domestic COVID-19 situation. On the other hand, the Japanese Yen remained on a lower track after the general improved risk sentiment. Meanwhile, Bank of Japan’s policymaker said that the outbreak of COVID-19 infections outpacing the expected pace of economic recovery. As for now, investors wait for the US Chicago PMI data to estimate the market sentiment.

BUY 109.85/TP 110.30/SL 109.65


GBP/USD: GBP/USD is stuck in the same narrow range on Monday, trading for the entire day between 1.3734 and 1.3775. Domestically, the UK has a very quiet week ahead, starting off with a bank holiday Monday, hence the calm in markets as London traders soak up their last rays of summer sunshine. Meanwhile, cable has struggled to hold onto its top spot this month, capped below 50% of the August drop. Of course, jobs data which is going to be published on Friday is the main event for GBP/USD traders, but Wednesday’s PMIs will be critical, and the ADP jobs report and Jobless Claims also can affect USD prices before Friday’s events.

SELL 1.3760/TP 1.3670/SL 1.3800


Gold: Gold prices pulled back further during the American session, despite the US dollar index dropped back into negative territory. Today the price fell to $1807 reached fresh daily low. The price is consolidating at $1810 level in early Asia following an overnight downside movement. Also silver is down on Monday, on a quiet session for financial markets. The decline in US yields is still not helping gold as well as broadly risk sentiment. On Friday, gold showed a bullish momentum after Powell’s comments. The price kept rising even on Monday’s Asian session when XAU/USD refreshed high since 4th August at $1823 before turning to the downside. The negative tone dominates for the session. On a wider perspective, gold still shows some bullish signs but losing its momentum.

SELL 1818.00/TP 1805.00/SL 1822.50