Jing Ren Orbex Follow Following

Gold rallies as the market awaits US inflation data. A break above the 30-day moving average has helped the recovery gain traction. A rising trendline from late July indicates a bullish bias. The latest pullback found support over 1765, confirming that short-term sentiment remains upbeat. A break above 1795 could bring back momentum buyers and push the bid towards 1814. 1855 at the start of the June sell-off is a major level where the bears could be expected to double down. 1785 is the first support in case of a retracement.

The euro climbs as traders bet on a 50bp move by the ECB in September. On the daily chart, the directional bias is still up after it bounced off the floor at 133.50. A break above 137.30 forced some sellers out, leaving the door open for an extended rally. 138.90 on the 30-day moving average is the next hurdle and its breach could attract more followers in an attempt to push towards the recent peak at 142.00. 137.10 has turned into a demand zone and the psychological level of 135.00 would be a second line of defence.

The FTSE 100 edged higher supported by financial and commodity stocks. A bullish MA cross on the daily chart shows an acceleration in the rally. As the index grinds a rising trendline, the optimism is likely to attract more buying interest. 7560 at the origin of the June sell-off is a key resistance where the price action may start to struggle under the weight of profit-taking and fresh selling. However, if the bulls manage to lift the triple top at 7650, they could resume the rally in the medium-term. 7450 is an important support.

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

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EUR/USD continues to decline toward 1.0250 during the American trading hours on Friday. After the data published by the UOM showed that the long-run inflation outlook rose to 3% in August from 2.9% in July, the dollar gathered strength against its rivals, weighing on the pair.

GBP/USD is trading deep in negative territory near 1.2100 during the American session on Friday. With the UoM's Consumer Sentiment Survey pointing to a modest increase in the long-run inflation outlook, the US Dollar Index extended its rally, reflecting a broad dollar strength.

Gold stays relatively resilient on Friday and trades modestly higher on the day above $1,790. Although the greenback continues to outperform its rivals on the latest US data, falling US Treasury bond yields help XAU/USD hold in positive territory.

Shytoshi Kusama, the project leader of Shiba Inu announced the launch of Shiba Eternity for Vietnamese players. The game is available for testing and the team has asked users for their review. 

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