The three major U.S. indexes plummeted yesterday (23rd), causing the U.S. Unemployment Insurance Weekly Claims to increase. The NASDAQ dropped 2.67% due to the slump of Apple, Microsoft and Amazon stocks. S&P 500 snapped a four-day winning streak with its biggest daily percentage drop since June 26. In addition, in the week ending July 18th, the advance figure for seasonally adjusted initial claims was 1.416 million people, higher than the previous week’s level 1.307 million. As the cases of the coronavirus (COVID-19) soared again, the employment markets and demands have stopped from recovery. Therefore, the investors seem to have turned more conservative in the long term.

On the other hand, the gold price surged and exceeded 25 USD/Ounces; and hit 1898 USD/Ounces. The trendline remains bullish; there is a sign of a bearish market on the short-sway. However, since no resistance level on the upper zone, there is a chance to break through the level of 1900.0 USD/Ounces and score highest finish since September 2011.

Technical Analysis (XAUUSD)

The price of gold (24th of July) lies around 1886.4 early today. Under 1-hour of technical analysis, it surged again as predicted yesterday (23rd) and almost reached 1900.0 USD/Ounces. The trendline currently lies between the middle and upper Bollinger Band, with the band facing upwards expanding and looking bullish. There might be a chance to continue rising after a small retrace.

Currently, the short-swing upper resistance level lies between 1899.0~1901.0. The current support level lies between 1866.0~1868.0. Investors who wish to go long could consider buying between 1883.0~1885.0 in the short-term and set stop loss below 1880.5.

xauusd

Technical Analysis (EURUSD):

The price of EUR/USD (24th of July) lies around 1.15941 early today. Under 1-hour of technical analysis, it made a new high as predicted yesterday (23rd). The trendline currently lies between the middle and upper Bollinger Band, with the band facing upwards looking bullish. There might be a chance to rise again after correction.

Currently, the short-swing upper resistance level lies between 1.16400~1.16500. The current support level lies between 1.15700~1.15800. Investors who wish to go long could consider buying between 1.16050~1.16100 in the short-term and set stop loss below 1.15930.

eurusd

Technical Analysis (GBPUSD):

The price of GBP/USD (24th of July) lies around 1.27320 today. Under 1-hour of technical analysis, it rebounded after correction as predicted yesterday (23rd). The trendline currently lies between the middle and upper Bollinger Band, with the band facing upwards looking bullish. There might be a chance to rise again after correction.

Currently, the short-swing upper resistance level lies between 1.27850~1.27900. The current support level lies between 1.26800~1.26850. Investors who wish to go long could consider buying between 1.27450~1.27550 in the short-term and set stop loss below 1.27300.

gbpusd

Technical Analysis (AUDUSD):

The price of AUD/USD (24th of July) lies around 0.70945 early this morning. Under 1-hour of technical analysis, it reversed and slumped after breaking through the middle Bollinger Band as predicted yesterday (23rd). The trendline currently lies between the middle and lower Bollinger band, with the band facing downwards. There might be a chance to go down again after rebound.

Currently, the short-swing upper resistance level lies between 0.71400~0.71450. The current support level lies between 0.70650~0.70700.

Investors who wish to sell short could consider selling between 0.71120~0.71160 in the short-term and set stop loss above 0.71240.

audusd

Technical Analysis (USOUSD):

The price of USO/USD (24th of July) lies around 40.79 early this morning. Under 1-hour of technical analysis, it rose again as predicted yesterday (23rd). The trendline currently turned and lies between the middle and lower Bollinger Band, with the band facing downwards. There might be a chance to go down after touching the resistance level.

Currently, the short-swing upper resistance level lies between 41.40~41.50. The current support level lies between 40.20~40.30. Investors who wish to sell short could consider selling between 41.00~41.15 in the short-term and set stop loss above 41.25.

usousd

Technical Analysis (Nas100):

The NASDAQ (24th of July) lies around 10581.1 early this morning. Under 1-hour of technical analysis, it failed to rebound then it plunged as predicted yesterday (23rd). The trendline currently lies between the middle and lower Bollinger Band, with the band continues to face downwards. There might be a chance to go down after touching the resistance level.

Currently, the short-swing upper resistance level lies between 10680.0~10700.0. The current support level lies between 10390.0~10400.0. Investors who wish to sell short could consider selling between 10620.0~10640.0 in the short-term and set stop loss above 10665.0.

nas100

Economy Calendar (24th of July)

(Source: uk.investing.com)

 TimeDataImportance
1.00:01GfK Consumer Confidence (Jul)★★★
2.07:00Retail Sales (MoM) (Jun)★★★
3.08:15French Manufacturing PMI (Jul)★★★
4.08:30German Manufacturing PMI (Jul)★★★
5.09:00Manufacturing PMI (Jul)★★★
6.09:30Manufacturing PMI★★★
7.09:30Service PMI★★★
8.14:45Markit Composite PMI (Jul)★★★
9.14:45Markit Composite PMI (Jul)★★★
10.15:00New Homes Sales (Jun)★★★

(Importance: maximum five stars ★★★★★)

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