The bank metal is testing the level of 1735.00.
Gold prices showed a slight drawdown, which made it possible to update the local minimum of July 27, but by the end of trading session the "bulls" successfully seized the initiative and won back the lost positions. The upward correction is of technical nature, as a fundamental factor for a rapid growth in the future the tool is not available. The gold price is under pressure as investors expect the key financial regulators, including the U.S. Federal Reserve, to raise interest rates in September. In late last week, the U.S. regulator's governor said the financial authorities were ready to increase the pace of monetary policy tightening, forcing experts to revise preliminary forecasts. Investors currently expect the third rate correction by 0.75% at once.
- Resistance levels: 1752.87, 1765.30, 1775.00, 1784.31.
- Support levels: 1730.00, 1720.00, 1700.00, 1687.15.
AUD/USD: mixed movement of quotations
The Australian currency traded in moderate declines, showing earlier gains, reaching 0.6880, declining due to U.S. dollar pressure and projections of a hawkish stance on monetary policy at the U.S. Federal Reserve.
Slight support was given to the asset due to strong macroeconomic statistics from Australia. According to the released data the day before, retail sales rose 1.3% developing an increase of 0.2%, which beat analysts' expectations of up to 0.3%. However, today's data showed a sharp decline of 17.2% in construction approvals for July, down 0.6% MoM vs. a 2.0% MoM estimate and accelerating the downward trend to -25.9% from -17.2% previously.
- Resistance levels: 0.6900, 0.6950, 0.7000, 0.7050.
- Support levels: 0.6839, 0.6800, 0.6750, 0.6700.
Oil market review
The "black gold" of the benchmark grade Brent demonstrated multidirectional movement of quotations in the trading session in Asia-Pacific region. It was near the local maximum reached earlier on August 1 and demonstrated the most rapid growth rate of the last trading weeks.
The asset gained significant support due to expectations of a decline in oil availability on global markets amid comments in the Ministry of Energy of Saudi Arabia that OPEC+ admits such a scenario in the medium term. Demand levels continue to remain stable, with the European energy crisis triggering the closure of some companies in the industrial sector in the eurozone. Meanwhile, the demand for a number of related petroleum products is increasing as they are seen as an alternative to "blue fuel".
- Resistance levels: 103.05, 106.00, 109.00 and 112.00.
- Support levels: 100.00, 97.21, 93.34, 91.00.
USD/JPY: the American currency provides stability to the instrument.
"The Japanese" failed to break the strength of the U.S. dollar, after which it had to decline slightly compared with the level of the end of trading on Friday. At the moment the instrument USD/JPY is testing the 138.48.
A number of releases published this week had no significant impact on the yen: the unemployment rate for July remained at June's level of 2.6%, the ratio of new jobs to job seekers improved the picture - to 1.29 from 1.27 of the previous month, while the market expected the indicator to remain unchanged. The Index of Leading Indicators showed a negative aspect, dropping to 100.9 points from 101.2 points the day before. July industrial statistics is expected on Wednesday with the forecasted decline of 0.5% after a growth of 8.9% in June which could have a negative impact on the Japanese currency.
- Resistance levels: 139.33 and 143.00.
- Support levels: 136.70, 132.20.