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BTC Dubai Daily Report Aug 30-ENG.pdf

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Gold rose this morning after breaching $1923 and entering an uptrend in the short term, where prices may move higher toward the resistance area at $1945.

BTC Dubai Daily Report Aug 30-ENG.pdf

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30
AUG
2023
1915
Gold rose today morning after breaching $1923 and entering an uptrend on the short
term, where prices may move higher towards resistance area at $1945. Gold has
formed a rising flag on the short term, but if gold breaks support area at $1935, it will
test $1923 area as a support.
Gold prices rose today morning near their higher levels in three weeks after a softer
than forecast U.S. JOLTS job openings and consumer confidence data, where investors
are waiting later in the day for ADP non-farm employment change.
1923
1950
1945
1935
Gold prices soar after clearing resistance at $1923
229.24
209.99
200.59
171.95
Published Wednesday, August 30, 2023 at 1:11 PM (UAE time)
The dollar index recovered after experiencing
its sharpest decline in a month and a half
the previous session, as investors put
upcoming U.S. economic data under scrutiny
to get more clues about the Fed’s rate
trajectory. Data released on Tuesday showing
JOLTS job opening slumped to a 2-1/2 year
low in July raised bets there would be no
more Fed rate hikes this year. Later in the
day, the U.S. will release ADP private payrolls
and second reading of GDP.
Dollar recovers as investors look for clues on Fed rate path
On the other hand, European shares extended their gains amid hopes that China would
step up its efforts to support its ailing economy. Media reports suggest that China's
biggest banks are poised to cut interest rates on existing mortgages and deposits in
order to boost business and consumer sentiment. As of 09:54 GMT, the Euro STOXX
600 index was 0.24% up at 460.92 points.
German import prices decreased by
13.2% year on year in July, the sharpest
drop since January 1987, the statistics
office said on Wednesday, mainly due to
a base effect from the price increases in
the previous year following the war in
Ukraine. Analysts polled by Reuters had
forecast a 13.1% year-on-year decline.
Import prices showed a slight decrease
of 0.6% on the previous month, the
statistics office said in a statement.
German July import
prices post sharpest
decrease since 1987
Oil rises on large US
stockpile draw,
hurricane jitters
Oil prices extended gains on Wednesday
after industry data showed a large draw
in crude inventories in the U.S., the
world's biggest fuel consumer, and as
concerns about a hurricane in the Gulf of
Mexico kept investors on edge. Brent
crude futures for October climbed 29
cents, or 0.34%, to $85.78 a barrel by
06:35 GMT.

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BTC Dubai Daily Report Aug 30-ENG.pdf

  • 2. 1915 Gold rose today morning after breaching $1923 and entering an uptrend on the short term, where prices may move higher towards resistance area at $1945. Gold has formed a rising flag on the short term, but if gold breaks support area at $1935, it will test $1923 area as a support. Gold prices rose today morning near their higher levels in three weeks after a softer than forecast U.S. JOLTS job openings and consumer confidence data, where investors are waiting later in the day for ADP non-farm employment change. 1923 1950 1945 1935 Gold prices soar after clearing resistance at $1923 229.24 209.99 200.59 171.95 Published Wednesday, August 30, 2023 at 1:11 PM (UAE time)
  • 3. The dollar index recovered after experiencing its sharpest decline in a month and a half the previous session, as investors put upcoming U.S. economic data under scrutiny to get more clues about the Fed’s rate trajectory. Data released on Tuesday showing JOLTS job opening slumped to a 2-1/2 year low in July raised bets there would be no more Fed rate hikes this year. Later in the day, the U.S. will release ADP private payrolls and second reading of GDP. Dollar recovers as investors look for clues on Fed rate path On the other hand, European shares extended their gains amid hopes that China would step up its efforts to support its ailing economy. Media reports suggest that China's biggest banks are poised to cut interest rates on existing mortgages and deposits in order to boost business and consumer sentiment. As of 09:54 GMT, the Euro STOXX 600 index was 0.24% up at 460.92 points. German import prices decreased by 13.2% year on year in July, the sharpest drop since January 1987, the statistics office said on Wednesday, mainly due to a base effect from the price increases in the previous year following the war in Ukraine. Analysts polled by Reuters had forecast a 13.1% year-on-year decline. Import prices showed a slight decrease of 0.6% on the previous month, the statistics office said in a statement. German July import prices post sharpest decrease since 1987 Oil rises on large US stockpile draw, hurricane jitters Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October climbed 29 cents, or 0.34%, to $85.78 a barrel by 06:35 GMT.